AUDJPY Bearish OutlookPrice has been trading bullish for a while now, price has formed an Ending contracting diagonal pattern on the bearish direction. More likely we are on the bigger impulse move correction. Ending Diagonal patterns signals the end of a trend and occur on wave 5 and C. The bearishness will still continue for the next couple of weeks.
Ending Diagonal
USDCAD Seen In Late Stages Of An Ending DiagonalUSDCAD is coming lower, after 75bp increased by BoC, but Rogers noted that the rates will need to be rised further. At the same time, we see USD making a strong reversal across the board while crude oil is trying to stabilize near 80-82USD. This makes a perfect case for some bearish price action. However this reversal can be temporary as we are now tracking wave b pullback that can belong to a higher degree fifth wave of an ending diagonal. Ideall resistance is at 1.3300/1.3400 area.
I think that later this year or in 2023 current USD bull cycle can come to an end, but of course this will depend on further FEDs interest rate policy decision. As soon as FED will signal that they are approaching end of the cylce the USD will be expected to turn south across the board.
Ending DiagonalIt is completing (e) of ending digonal. This wave may complete about 1815 eventually.
Also 1807-1815 is a former support zone between mid of May to end of June. It is broken on July 1st and resisted during pulback. It is the second time that price is trying to break it up.
I will expect to break T2 down; may be between 1890 to 1886 and short it for $25 - $40 for midterm.
BCHUSD Breaking Trendline For A Bullish CaseBCH moved even higher following the break out of a diagonal in the last few days. Notice that recovery is now in five waves on the hourly chart so it appears that more gains can follow after the retracement. There is nice technical support at 113 followed by 108/110 area, where the price can meet the trendline.
PolkaDot DOT - On a massive weekly support! 0.618 FIB + Channel
PolkaDot was a very strong altcoin in 2020-2021 as you can see on the historical chart and we can cleary spot an impulse wave here.
The coin in 2022 fell to the strongest support (0.618 FIB + Wave 1 horizontal support + POC + ABC correction).
If you like fundamentals of this coin, this is definitely a good time to buy, because we have a strong confluence.
The missing part is the descending parallel channel, because the price is still inside the channel, but we have had a nice touch on the bottom.
After an impulse wave - ABC correction is expected and in this case, the ABC correction has been sucessfullly completed with an ending diagonal pattern.
If want to make a short term trade, you can place your profit target at the top of the channel, otherwise next stop is below previous all time high.
Look at my ideas about interesting altcoins in the related section down below ↓
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BTCUSDT | Wave Analysis | The Beginning of Ending Diagonal?Price action and chart pattern
> Possible beginning of ending diagonal wave, possible a bit further downtrend for reversal pattern below SMA200W
> Indicator MACD downtrend ribbon still wide-opened, do not expect the major trend reversal so soon.
MATICUSDT | Wave Projection| Bullish Divergence for rebound?Price action and chart pattern trading setup
> Major formation: Ending diagonal with bullish flag reversal pattern, expecting a rebound for minor WAVE 4
> Targeting 0.382 retracement of previous WAVE 3
> Entry @ bullish flag breakout
> Stoploss @ flag support position
> RRR 3:1
Indicator:
RSI bullish divergence
Always trade with affordable risk and respect your stoploss
CONN wave major wave 2I believe Conn is setting up for a major move up. Wave 2 of a much larger wave is about complete with an ending diagonal wave C. Wait for the break of the red horizontal line to confirm larger wave 3 is on the way. Trade at your own risk. Good luck!
SUSHIUSD| TFW Analysis Ending Diagonal - Bullish DivergencePrice action and chart pattern weekly wave analysis
> TFW continues in an ending diagonal of a potential final ABC correction wave 5 downtrend stage.
> Medium term trading - Entry @ downtrend Elliott Channel breakout
> 1st Target @ SMA200 TFD / just above wave 4 zone @ 0.382
> Stoploss @ Wave 5 zone with 20-30% downside risk - RRR: 4:1
Indicator:
1. Smart money volume 2.6X
2. Banker chip entry signal at downtrend Wave 3 and 5.
3. BBD triple bullish divergence crossover baseline and above
4. Stochastic bullish divergence signal 1st uptrend ribbon in oversold zone
Always trade with affordable risk and respect your stoploss
When will S&P500 finish its first correction wave ?!?Hello traders!
I think we are all looking at the indices charts that keeps falling with the effect of the crisis and economy management from the Fed and central banks.
**According to Truflation, the inflation rate is at 11.4% in the USA**
This economic crash is not yet to stop, we will be experiencing crazy time in the incoming month and years...!
BUT ANYWAY , today we are analyzing the S&P500 with the Elliott Waves from the crash of the Covid-19, and what we can see is that:
The 5 of the Impulse Extended Ending Diagonal Wave has been confirmed the 22 Nov '21
- An EED have 5 waves that are subdivided into correction waves 3-3-3-3-3.
- In an expanding diagonal ending, wave 1 is small, wave 3 is medium and Wave 5 is long.
Since then, we are in an ABC pattern that we are about to finish in the incoming week
For me, it is the first Wave of the correction pattern that we are about to be witness in the incoming month and until next year.
Because the worldwide economy is not looking good, in my opinion I would say that we are finishing Wave W of a WXYXZ.
ZOOM IN for a better view of the objectives that have been found for the end of the downtrend (light blue C of the ABC) :
1/// 4000 is strong by being the 100% of the ABC pattern
2/// 3900 is strong by being the 113% of the ABC pattern
3/// 3850/3825 is the strongest by being the 123%/127,2% of the ABC pattern and near the 38.2% of the entire Impulse Wave Retracement
ZOOM OUT for a better view of the overall structure of the S&P500
You can also check my analysis on the NAS100 where the structure is pretty much the same.
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Please feel free to ask question and recommendations in the comment section, I would be more than happy to answer your questions