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EUR/CAD finally reaching key Correction levelOk, so this chart looks like quite the mess but hear me out. EUR/CAD had been following a clean WXY correction and it looks like it's about to reach the (A) Correction on the Y wave. So there are 4 good reasons why the price is going to reach my (A) correction. 1. If you take a look at the red trend line, price has crossed over and it is going to use that red trend line as support and bounce off of it. 2. That blue price zone is a solid support level shown by previous price rejections. 3. Using the Fibs Extension tool from (W) to (X) gives you the .618 retracement. It is common for the (A) Correction on the (Y) Wave to retrace to that zone. 4. Taking those 3 reason, they all converge to the same price and time point giving you an excellent entry to go long. The only resistance that could make this all go to shit is the white trend line which it looks like the price is already being rejected off of. You can see this all play out if price break below that white trend line. Make sure to Follow me on YouTube and Instagram for more Forex analysis and overall knowledge. www.youtube.com www.instagram.com
by CrisBarr96
Has the Nasdaq (Market) Topped? I find this long term chart of the Nasdaq Index with Fibonacci extension levels applied, to be quite illuminating. For me it puts things into a helpful perspective. By no means am I a "perma-bear" but I find this chart helps me to be honest with myself. Especially if I'm wanting to put money to work in this environment. Prices have extended well beyond previous year's moves and have reached those magical fib extension levels of 1.618 and 1.78. You may not agree with the method of analysis, the method of I've applied the fibs, or whatever....but I think most technical analysts could agree that these levels of extension often coincide with significant reversals. I'm not "talkin up my book" here, as so many seem to do on these forums, etc. Just some food for thought, and take it for what it is worth - just another opinion. The big question now is where does a bottom form? Fortunately price, volume , sentiment, etc. will provide the appropriate clues at that time.
NASDAQ:NDX
by kbier
GBPUSD making a 4th waveAnticipating the end of an extended 3rd wave. I would like to see a pull back making a 4th wave. It is possible a fourth wave could break above the trend line and reach the 0.382 Fibonacci retracement. My target is the 0.618 extension of wave 1 through to wave 3. This would also give us a break of the previous low at 1.2660. If my target is met and the previous low of 1.2660 is broken then I will be looking for revarsal set ups for a rally higher. Pending orders are set at both entry levels. If targets are reached I will be looking for a reversal to complete an expanding flat. The flat pattern can be seen easier on the daily chart.
Short
by milligan
MICROSOFT to bleed more than half its value: wave 3 completionThis is a W1 chart of Microsoft. The purpose of this post is to follow major companies whose share price affect the general financial market in order to anticipate the depression/recession that is to come. This analysis is based on EWP in combination with fibonacci levels, and some reversal candle stick formation in the end. After the correction of 2008-2009, MSFT began to develop wave 3 of a larger degree (Starting from Sep2019). All wave count is on the chart and we now have a completed 5 wave structure to make wave 3. This wave three structure took approximately 9 years to build, and it fits fibonacci levels perfectly! Wave 2 is .5 ret of wave 1. Wave 4 is .382 ret of wave 3. Wave 3 is a 1.618 ext of wave 1-2. Wave 5 is a 2.618 ext of wave 3-4. Although fifth wave extension is uncommon in equity market, we cannot discard the possibility of this scenario with clear wave structures. Wave 5 extension personality: it often retraces to the wave 2 region of the extended fifth wave (labelled with blue dotted lines.) ***This region coincides with .618 retracement of the entire wave 3 structure of one larger degree. Candlestick: Reversal pattern is in print with: a spinning top (2 weeks ago as I am writing this); a shooting star (last week as I am writing this, with its upper wick landing right on the 2.618 ext of wave 3-4!!). And now, we have a hanging man in print (Have to wait for week to close). In summary, all the stars are in line for MSFT to suffer a correction. Using knowledge of wave personalities, it is extremely possible that MSFT may lose more than half of its current share value within the coming years.
NASDAQ:MSFTShort
by someone514
5
Bitcoin bounce expectedThis is not a trade idea, just analysis as it is counter-trend and therefore higher risk. Now that Bitcoin has hit a 127% Fib Extension, it is probable to see profit taking. With this in mind, we could see price push up to the 38.2% Fib line. Should this occur, it might start to develop a potential inverse head and shoulders pattern which would complete near the 61.8% Fib line. Short term bullish. Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
BITFINEX:BTCUSDLong
by hedgewithcrypto
EOS is looking FIERCE _____________________________ Idea: We have HEAVY bullish divergence on the RSI and a good target for the 1.618 to be the end of wave 3 _____________________________ Warning: we did hit the 1:1 extension of 1 and immediately corrected from there, I am assuming that this was only a subwave of 3 rather than the entire wave but i could be wrong on this point ____________________________ Alternative: If 3 only went to the 1:1 extension then i would treat this as a leading diagonal and still expect another push up ____________________________ Note: This is EOS/ETH but there shouldn't be too much of a difference between this and EOS/BTC
Long
by NotGemini
COPPER - Trading at a Key Level - Potential PullbackCOPPER has had a sweet run higher after returning to the 2.94 support level. Currently we are trading at the 3.30 level and I see this as another potential sell off so here's the analysis so you're all prepared to capitalize on another opportunity. Ideal Scenario: We post a higher day Monday and just scream on higher to 3.45. Sick! Medium Risk Scenario: We retrace to the 3.25 or 3.20 levels and start a new rally from there. New longs scenario: We retrace deeper to 3.10 and get the opportunity to buy in again (in case you missed getting in already). Lets keep and eye on COPPER in the coming days and see what happens. Whatever happens, even if we reverse entirely, I'm overall bullish on this metal! Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.
CLong
by TheBadPanda
Practical Exercise - Applying Fibonacci ExpansionFibonacci expansion is usually used to forecast key levels and areas where a price movement will have a high probability of exhausting in relation to the previous correction. Practical Exercise 1) Pick a currency pair, it can be any currency pair, any timeframe. 2) Based on the most recent development in price, apply the fibonacci expansion tool. 3) Post your exercise on the comment section in this thread. 4) Repeat this practice to gather a total of 10 examples.  
TVC:DXYEducation
by KarYong