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SPY possible bounce to the 38.2% fib before the last wave downIf SPY starts to get a bounce on the daily, then it could see resistance near the 428 area at the 38.2% retrace of the last leg down. Price is getting somewhat extended from the 21ema, and am expecting a correction in time or price in the near term... I see this current Elliott Wave scenario as possibly being in the C wave down of a correction that started after the 01/04/22 highs. C waves must have a 5 wave structure. Once a bounce starts, it could be the 4th wave, and 4th waves typically retrace the 3rd wave by about 38.2% (most common). I will be watching for possible short entries in the 428 area, with fib and elliott wave targets from 406.75 down to 393.38.
AMEX:SPYShort
by FourC
Bearish Megaphone on the SPY - UpdateJust posting another update here on the SPY- Bearish megaphone is playing out as expected but also a very big week for the markets fundamentally & technically speaking. The SPY rejected its 200day SMA today while simultaneously forming a right shoulder to complete a head and shoulders (Bearish) on the weekly timeframe. Additionally, the SPY formed a bearish butterfly harmonic pattern on the daily timeframe. However, there does appear to be a smaller bullish falling wedge within the bearish megaphone charted above. As I see it, the SPY went to breakout from the falling wedge but got rejected by its 200-day SMA after Federal Chairman Jerome Powell stated that a 50 bps rate hike is "absolutely essential". Big tech earnings (AMZN & GOOG) have the potential to single-handedly carry the S&P 500 so will certainly be interesting to see the rest of the week as to what's to come. Some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime, bearish and hedged- (Previous Charts Attached Below) --Previously Charted--
AMEX:SPYShort
by jacobosiason7
1
SPY- Bearish Megaphone - UpdateJust posting another update here on the SPY- Bearish megaphone is playing out as previously charted. The SPY rejected its 200day SMA the other day and now the 50-day SMA has crossed under the 200-Day SMA (Death Cross). The SPY formed a bearish butterfly harmonic pattern on the Hourly timeframe as well as a big head and shoulders on the weekly timeframe (See Attached Chart Below). Some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime, bearish and hedged- (Previous Charts Attached Below) -- Weekly Timeframe -- -- Hourly Timeframe -- -- Previously Charted --
AMEX:SPYShort
by jacobosiason7
2
Falling Wedge - Earnings Play (Update)PYPL has been trading sideways for quite some time now after selling off after earnings. PYPL's holding a big falling wedge going into earnings with bullish hidden divergence on the RSI, multiple gaps to fill on the upside and is also in oversold territory. Earnings plays are always a gamble in my opinion. Personally am bullish and will be looking for a breakout from this wedge and for PYPL to go for the gap fill on the upside (Broader Market Conditions Permitting), please exercise your own due diligence given that it is an earnings play- just some FIB levels along with some RSI based supply and demand zones to keep an eye on in the meantime- - Falling Wedge on the Daily, 4-Hour, and Hourly Timeframes - RSI Oversold - Bullish Hidden Divergence on the RSI - Multiple Gap Fills on the Upside
NASDAQ:PYPLLong
by jacobosiason7
5
GBPUSD Trade Idea - Elliott WaveLet’s discuss the price chart of the GBPUSD currency pair based on the 480 minute timeframe. From the Elliott Wave perspective, Wave (2) has completed and Wave (3) is in progress. The price has just breached the low of Wave (1) and pulled back for a re-test. From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, topped on April 5 (red vertical line), and is projected to form a bottom on May 16th. Based on this, we can expect prices to begin to accelerate lower. The typical target for Wave (3) is a 161% Fib projection of Wave (1), which should push price down near the 1.2775 level. If you find this analysis useful, make sure to press the “Like” button and Follow us.
Short
by ForexTrainingGroup
5
Fibonacci and momentum analysisThe chart above shows the Fibonacci and momentum analysis in the Bitcoin historical chart. As can be seen, the market bottom in the RSI and the wave_trend are determined by the entry of these oscillators into the oversold zone. In cycles 1 and 2, it is observed that bitcoin is squeezed above the 0.382 Fibonacci ratio after reaching ATH, and creating a descending triangle pattern. After the triangle pattern breakdown, BTC has dropped to 0.146 Fibonacci. In the third cycle, the price is squeezing above 0.5 Fibonacci. Therefore, in case of breakdown, we may see less drop than cycles 1 and 2. therefore a drop to 0.236 or 0.382 Fibonacci may occur (Based on the trend based Fib Extention, 0.236 seems more likely)
BITSTAMP:BTCUSD
by cryptoonchain
2
DOW JONES - Finishing B-C leg. TVC:DJI is at critical levels where we could see another move lower to 31000 if the larger pattern completes. There could be one more move up to 35800 first before getting that move lower. Anything above 36k could mean ATHs again and a possible blow off top. For this month the critical date is the 11th and this could see a 2 week trend into the 27th. I will keep this updated as the are some great moves coming up either way. Weekend DOW is up 84 points so far. Monday will be the key. Enjoy the week. 👍👍
FOREXCOM:US30
by L_F
2
The pullback hasn't ended, keep an eye on this!Firstly, I want to say I'm sorry because I didn't announce I was going to take a break from posting this week. But I'm back. Bitcoin broke the $46.2k nPoC (check previous Weekly Review post) right after I published my thoughts, and ww rallied until $48k. After that, we started to see a pullback to around $44k, which got bought up. The main thing I see on this week's price action is that price failed to set a higher high, and, to be even more bearish, it flipped the support level at $47k (0.618 fib, weekly PoC and anchored VWAP) to resistance. But this is not enough. We also see that, on the volume profile, that most of the volume traded is at the top, meaning that a consolidation is what whales are looking for. My targets stay the same (again, check the last Weekly Review): mainly the FVG sitting at $43k. I do expect some crabbing around these prices at the start of the week, to be honest. Lastly, I want to thank you again for reading my posts. Have a good trading!
Short
by config_json
GOLD on a deeper retracement 🦐GOLD on the daily chart is providing us a deeper retracement outlook The price after the recent top is testing the 0.5 Fibonacci level and the long wicks of the candle make me consider a test of the 0.618 Fibonacci level over the support area. How can i approach this scenario? I will wait for the European market open and check for a possible break of the weekly structure. In that case, i will move on the 4h chart and check for a possible short order according to the Plancton's strategy rules. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any questions. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
OANDA:XAUUSDShort
by InkyGrip
EURUSD a turn at 0.618 Fib 🦐EURUSD on the 4h chart is providing us a long opportunity. The price after the recent low at the 1.09750 level started a strong impulse to the upside and tested the weekly resistance. From there the market retraced exactly at the 0.618 Fibonacci level over a previous resistance now turned support. How can i approach this scenario? If the price after the market open will break above the structure at the 0.5 fib level, we will look for a nice long opportunity according to Plancton's strategy rules. –––– Follow the Shrimp 🦐 Keep in mind. • 🟣 Purple structure -> Monthly structure. • 🔴 Red structure -> Weekly structure. • 🔵 Blue structure -> Daily structure. • 🟡 Yellow structure -> 4h structure. • ⚫️ Black structure -> >4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
2
EURNZD > In-depth Analysis for A Perfect Buy Trade!Analysis of #EURNZD this is my favorite setup for today so far, as you can see the market is consolidating between trend line resistance and support and building structure between those lines. The EURNZD now could provide a fantastic buying entry near a strong level and here is why like this setup: 1 >> Bullish bat pattern 2 >> 1.6100 FIB inversion 3 >> 1.2700 FIB extension 4 >> 1.5800 Psychological number 5 >> Trend line support as you can see all these setups line up at the same level 1.58000 Trading Plan: >>, if EURNZD pushes further to my support level near 1.5800, I will then look for a small reversal pattern to get into a big buying opportunity if the rules for entry are met. ⚡ Be aware that due to the global tension we currently live In, markets are not following or respecting chart patterns and technical analysis. ________________________________________ 💭 | Comment your thoughts below, I always answer. 📥 | Feel free to message me if you have any questions. Thanks for your continued support!
by TheTradersAvenue
11