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Extended flat pattern in the fourth waveGreetings, Dear friends, I hope you are well and have had a week filled with successful and profitable transactions. Regarding the silver market, I believe it behaves similarly to the gold market. Currently, I see it in the third wave, which is the fourth wave in an extended flat pattern. However, this analysis is subject to change. In both cases, we need to observe the price action using an impulse pattern and look for the formation of a corrective pattern to determine potential price targets. Keep in mind that the corrective pattern can take various forms. Note: I am a new analyst in the world of wave principles with three years of experience, and I am developing an analytical idea. There is no 100% certainty in financial markets due to the complexity of various patterns that can change. However, I do my best to back up any analysis I share with you guys with everything I've learned so far. A brief explanation of the three fundamental laws of the wave principle: 1. The second wave should never go beyond the beginning of the first wave. 2. The third wave should never be the shortest wave between waves 1, 3, and 5. 3. The fourth wave must never enter the territory of the first wave. Ralph Nelson Elliott was the founder of this theory, and when asked about his view of the market, he always referred to five waves in the direction of a larger trend and three waves against the direction it was taking. After completing an eight-wave cycle, a larger cycle is formed in the future. It's as simple as that. May his memory be cherished, and may his soul rest in the shelter of God Almighty and the eternal world. I am attaching the analysis of this market that I shared with you earlier to this current analysis. The last word of my analysis text is repetitive, except for the explanation of the current analysis, because I also trade in the financial markets and am active in my social networks, working hard to improve my skills in analysis and trading to reach my goal. I apologize for repeating the text. I welcome suggestions and criticisms, and I will certainly respond, but a logical reason is important to me. Thank you for taking the time to review my analysis, and thank you all. To all my dear friends and colleagues, first of all, I wish you health and success in your goals. Mehdi Abbasi with the nickname (Mr. Nobody)
COMEX:SI1!Long
by mehdi47abbasi79
GOLD → Correction after the rally. Bears still dominateFX:XAUUSD has been strengthening since the opening of the session, buyers are trying to hold the defense above 2325 and redeem part of Friday's fall. Fundamental background remains negative. Idea: GOLD → Bears are engulfing the market. What's next? We discussed a possible rebound and the strength of the bear market. The price consolidation above the strong support at 2326 opens the range for maneuvering and may allow traders to strengthen to 2341 (2354) - the area of interest, the target of such maneuvering may be the liquidity inside the range, formed within Friday's rally by those who tried to catch the departing train. If 2341 will be confirmed and the bears will not let the price go beyond its limits, the market may go into the sell-off phase again. Investors this week are interested in GDP and PCE, which are released in the second half of the week, the first half of the trading week may be relatively quiet. Resistance levels: 2341, 2354 Support levels: 2325, 2315, channel support I expect the correction to continue to the area of liquidity and interest. A major player may gather the rest of the potential before further movement in one direction or the other. Watch the price reaction to the level of 2341, which may determine either a fall or further growth to 2354. Regards R. Linda!
FX:XAUUSDShort
by RLinda
2
BITCOIN - Price can start to grow to resistance line of channelHi guys, this is my overview for BTCUSDT, feel free to check it and write your feedback in comments👊 Some days ago price broke $66600 level and entered to flat, where it soon reached top part, which coincided with $71500 level. Then price made correction, after which in a short time, it rose back to $71500 level, turned around, and started to decline. BTC exited from flat and continued to decline inside falling channel, where later it broke $66600 level. After this movement, price some time traded in resistance area and then bounced down to support line of channel. At the moment, BTC trades near this line and I think that price can fall to this line again and then bounce up to $64200 If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
GOLD → Bears are engulfing the market. What's next?FX:XAUUSD is hit by a strong wave of selling on optimistic fundamental data in the US market. A takeover is forming on the chart, which clearly makes traders panic. Technically, buyers who showed interest in the metal, which started the strengthening phase from the middle of the month got under liquidation. The sellers are not ready to let the price go beyond 2350-2360 and staged a bearish rally, energized by the fundamental background, which sharply strengthened towards the already bullish dollar. Geopolitical tensions are still at a high level, the reason for this: rumors that the Israeli army approved an offensive against Lebanon. Toward the end of last week, the dollar both looked and continues to look quite strong, on the back of upbeat S&P Global Manufacturing PMI data. The index rose to 51.7 in the June estimate from 51.3 in May, while the services PMI rose to 55.1 from 54.8, showing continued expansion of private sector business activity at a rapid pace. Traders are awaiting U.S. GDP to be released on Thursday and on Friday the BEA will release PCE price index data for May, the Fed's preferred measure of inflation. Resistance levels: 2325, 2332, 2340, 2355 Support levels: 2315, 2305, 2290 Overall, traders may try to buy back some of Friday's decline from local bullish channel support and test the resistance and liquidity area of 2332-2340. But a number of technical and fundamental patterns point to a negative backdrop, and this could generally signal a continuation of the decline after a small correction. Active selling may intensify with a downward breakout of 2316-2320 level Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
7
GOLD - Price can bounce up from support line to $2380 pointsHi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊 A not long time ago price broke resistance level, which coincided with resistance zone and rose a little higher. But soon, Gold made downward impulse to $2295 support level and started trading in flat. Later price exited from this pattern and entered to upward pennant, where it made strong upward impulse. Gold reached resistance line of pennant, breaking $2375 level, but soon, turned around and in a short time declined back. Price fell to support line of pennant and now continues to trades near this line, and I think XAU can bounce up. Also, I think price can break resistance level and reach $2380 resistance line of pennant. If this post is useful to you, you can support me with like/boost and advice in comments❤️
OANDA:XAUUSDLong
by WalterMoon
6
EURO - Price can break support level and continue to declineHi guys, this is my overview for EURUSD, feel free to check it and write your feedback in comments👊 Some time ago price entered to flat, where it in a short time declined to $1.0810 level, after which bounced up. Then price corrected $1.0810 level again and then rose almost to top part of flat, but then it started to fall. Euro in a short time declined lower than $1.0810 level, breaking it and also exiting from flat, after which continued to decline. Price at once rose to resistance line, after which it quickly fell to support level, which coincided with support area. Next, EUR tried to grow but failed and fell back to $1.0690 level, where at the moment continues to trades near. In my mind, price can make small movement up and then break support level and fall to $1.0600 If this post is useful to you, you can support me with like/boost and advice in comments❤️
Short
by WalterMoon
GOLD → The mood is shifting. Resistance is broken... FX:XAUUSD breaks through downside range resistance and consolidates in bullish territory, opening up potential at 2365-2387. Signs that the US labor and housing markets are cooling keep hopes for a September Fed rate cut alive, with an ECB rate cut helping to keep the gold price afloat. Another important nuance that makes investors wary: A meeting between the Russian President and the North Korean leader earlier this week, which confirms the tensions in geopolitics. For now, all eyes are on the S&P Global Manufacturing and Services in the U.S. and the Fed Monetary Policy Report, which may shed more light on the economic outlook There is still pressure on the market, but the price movement is detached from the dollar (correlation is decreasing), which indicates that the mood towards the metal is changing. Resistance levels: 2365, 2387 Support levels: 2354, 2340 Technically, traders may try to break the resistance of 2365, if it succeeds, and the probability is high enough, we can go to 2387, then we need to watch the price reaction to the area. In case of false breakdown there is a probability to return to the support. It is also worth taking into account the broken resistance that was not tested earlier Regards R. Linda!
FX:XAUUSDLong
by RLinda
14
GBPUSD → The market maker's trap. Ready to go down ↓ ?FX:GBPUSD is losing after a prolonged struggle for resistance. A major player does not let the market beyond 1.2800. On the background of the dollar growth, the currency pair may change the local trend The fundamental background is unstable, the US dollar is still going through Wednesday, but based on the position of regulators the dollar looks ready to strengthen further, which is generally negative for GBPUSD. On D1, the area of 1.285-1.28 is worth watching. A major player is not still holding the barrier of limit resistance zones. After a shakeout and liquidity grab (trap from the market maker), the market is ready to go down as the current zones of interest are 1.258-1.257, 125. Support levels: 1.271, 1.265 Resistance levels: 1.28 Technically, we should wait for a pre-breakdown consolidation and subsequent breakout of 1.271, or price consolidation below this area. Having received confidence and confirmation of readiness to decline, we can wait for the previously mentioned targets. Regards R. Linda!
Short
by RLinda
2
GOLD → Shake up and bounce from MA-200 (D1) FX:XAUUSD is testing range and trend resistance, forming a false break of 2340 and touching MA-200 (D1). In the meantime, the dollar is strengthening and doesn't look like it's ready to give up.... Traders are expecting Initial Jobless Claims to be relatively lukewarm towards the US market. If the figure is lower than expected, it will provide additional support to the market, which would be a negative scenario for the metal price. Technically, the price is in a downtrend. In relation to the range of 2340-2300 a false resistance breakout is formed (liquidity capture). The strong movement is similar to a shakeout in nature. A retest is possible before a further fall to the lower liquidity zone. There is still no strong buyer on the market. Resistance levels: 2340, 2358 Support levels: 2332, 2325, 2315 With a retest target, the price may return to 2340, but there is no reason for gold to break the resistance yet. Consolidation below 2332 will send the price to 2315. BUT, provided the news is negative for the dollar, gold could test the trend resistance with a breakout target. Regards R. Linda!
FX:XAUUSDShort
by RLinda
10
GOLD → Bears are holding 2332. Possible shake up...FX:XAUUSD rises on Tuesday and Wednesday amid unexpectedly weak news in the US market, but at the same time the dollar does not tend to fall. Today is a day off in the US and gold is creeping up towards resistance. The price is resting in the strong resistance area of 2332, the limit resistance level formed by the sellers does not let the price go beyond it. Consequently, a shake up and subsequent false breakout may occur relative to the level, which may lead to a strong fall and liquidation, as there is no strong buyer in the gold market and the fundamental background is weak. The market is within the descending channel, but in the phase of consolidation, which sooner or later will move into the realization (distribution) phase. Before that a retest of the trend resistance is possible (capture of additional liquidity) Resistance levels: 2332, 2340, 2356 Support levels: 2325, 2315, 2305 The overall situation is that we may see another bearish rally. There are no reasons to break the trend resistance at the moment. The most likely scenario is a false breakout under current circumstances. Regards R. Linda!
FX:XAUUSDShort
by RLinda
7
NZDUSD → Local trend change? Moving down ↓ ?OANDA:NZDUSD breaks trend support amid a strong dollar. The currency pair could move to the downside if the bears hold the resistance area on their count. On the daily timeframe, the currency pair is inside the sideways channel, but at the same time breaks the ascending support line. Thus, the market is starting to look towards 0.6084 support as an area of interest. The US market has a day off today, so the volatility may be low, but nevertheless we have prerequisites for the beginning of the downward movement. If the bears keep the price below 0.6150-0.6140, the market may enter the phase of downward movement and head towards such targets as: 0.6083, 0.6000. Resistance levels: 0.6140, 0.6170, 0.6215 Support levels: 0.6083, 0.6000 At the moment the market is struggling for the area of 0.6140. Consolidation below the level or the beginning of the impulse to the support will confirm that the bears are holding the market, then we will have to wait for the achievement of the goals. Regards R. Linda!
Short
by RLinda
2
GOLD → Support retest within the triangle before the news...FX:XAUUSD continues to be under strong pressure from sellers on the back of a strong dollar. The market failed to overcome the 2325 area and is heading for a support retest. Ahead of the news (Core Retail Sales, Retail Sales), increased volatility is expected. Traders are expecting neutral-bullish data against the US market. If the figures are higher than expected, gold may head lower. The technical and fundamental background for gold is negative, there is no strong buyer in the market yet, the rising dollar does not allow traders to take premature steps. The focus is on consolidation boundaries, a breakout of one or another boundary or level may trigger strong sell-offs (or buys). Resistance levels: 2315, 2325, 2340 Support levels: 2305, 2295, 2287 The chart and fundamental background speaks for itself. The news may have a temporary bullish impact on the market, but I don't think it can turn the market around under the current circumstances. The overall bearish background for gold is likely to continue this time around. Regards R. Linda!
FX:XAUUSDShort
by RLinda
14
EURCHF → A safe CHF could lead to a fall in the pairing OANDA:EURCHF is actively declining towards 0.9677 and is not ready to go up yet. Based on the general fundamental background, the currency pair may continue to fall towards 0.96 or 0.95 After a false breakdown of the range support, there is no strong reaction and the price returns to the level (retest). Fundamentally, CHF is stronger than EUR. The reason for the strong fall of the currency pair is the strong Swiss franc, which is getting stronger on the background of growing risks of recession in Europe, because in this case the Swiss franc plays the role of a hedge asset. The situation is such that determines the medium-term potential. The currency pair may continue to decline after the breakout and consolidation of the price below 0.9677. In addition, the decrease in the ECB interest rate is also a favorable background Resistance levels: 0.9738 Support levels: 0.9677 I expect that a retest of the support may lead to a breakout of the level, which will provoke a strong sell-off in the market. Regards R. Linda!
Short
by RLinda
1
EURO - Price can make small movement up and then bounce downHi guys, this is my overview for EURUSD, feel free to check it and write your feedback in comments👊 A not long time ago price entered to flat, where it at once bounced up to $1.0890 level from $1.0770 level. Then it turned around and little declined, after which price some time traded in flat and then made upward impulse. Price exited from flat, and then declined lower $1.0890 level, after which it tried to rise, but failed. Euro made a fake breakout of $1.0890 level and continued to decline inside pennant, where it later broke $1.0770 level too. At the moment, price rising near support line of pennant, and I think it can make small movement up first. After this, Euro can bounce down, thereby exiting from pennant and continuing to fall to $1.0660 If this post is useful to you, you can support me with like/boost and advice in comments❤️
Short
by WalterMoon
1
GOLD → Is the market bearish and preparing for what?FX:XAUUSD has been facing strong bears since the opening of the session. The price returns under 2325 and forms a consolidation. Earlier there was a retest of a strong resistance area. The market is still bearish For the gold market the area of 2325 plays a key role at the moment. Bulls are not yet ready to overcome this area on the background of strong dollar and weak fundamental background for the metals market. A retest of 2325-2340 resistance is possible before further decline. As the market is still bearish and consolidation is forming, liquidation of buyers may follow in the nearest future. The prospective target is 2305-2290-2275. There is no news today, fundamental and technical background is negative. Resistance levels: 2325, 2340, 2356 Support levels: 2315, 2305, 2295 Technically, gold may test the local lows or even update the interim lows. There is still no strong buyer ready to fight against the whole market. The price is trading in a bearish range. Regards R. Linda!
FX:XAUUSDShort
by RLinda
9
AUDUSD → False breakdown of resistance. Ready to go down?FX:AUDUSD is forming a false break of the range resistance, but the market continues to struggle between traders. The focus is on the risk zone, the breakout of which will send the price flying downwards. The trend is neutral, after a long-range retest of 0.66676 resistance a false breakdown is formed and the buyer has no potential to go up. A retest of the local maximum is possible, but all the emphasis is on the support at 0.6648. A break of this area will be a confirmation of the buyers' loss, as well as a break of the local uptrend, which will provoke the formation of a strong bearish impulse. Resistance levels: 0.6668, 0.6715 Support levels: 0.665, 0.6558 Most likely, the buyers' strength will not be enough to pass the mentioned resistance from the first time. At the moment the seller is pushing the market and if the key support area is broken, the market will change its local mood Regards R. Linda!
Short
by RLinda
13
TON → The bulls are almost ready. Breakout 7.23, rally ...OKX:TONUSDT is starting to show bullish potential. This is quite interesting for us, because, in general, the coin's potential is huge. BTC momentum could push the coin to rally. The bulls have held the defense above 5.985, forming an intermediate bottom. In the current range, the 6.45 - 6.65 area, where the maximum number of coins have been traded (bought), is a zone of interest for the big player and he will try to defend it. The range of market accumulation is 7.23 - 6.23. Until the price leaves this range, the market will be flat. It is worth paying attention to the local descending resistance. There is an attempt to break through it and the price may strengthen to 7.23. The whole emphasis is on this area. A correction or pre-breakout consolidation may form before the breakout. Resistance levels: 7.23, 7.67 Support levels: 6.7, 6.23 I am waiting for the retest of 7.23. It is interesting to see the reaction from which it will be possible to form further strategy (pullback or breakout). The probability of a breakout is increasing on the background of a strong bitcoin. Regards R. Linda!
Long
by RLinda
11
GOLD → Open gestalt 2280 but the price goes up, what's next?FX:XAUUSD closed last week in the plus side despite the negative fundamental backdrop, but the focus is on the consolidation that the price is in. Previous patterns indicate that consolidation, amid a bear market, could be followed by buyers liquidation, but there is always a BUT!!!! Relevant, gold is closing in a pat range of 2340-2325. . The market doesn't know where to move yet. So the big question is: where will the price go on Monday? The general background is bearish, accordingly, the pressure from sellers continues. Technically: If the 2340 resistance is broken, the price will head towards the descending channel resistance. BUT, if the support is broken, the new trading week may start with a decline towards 2300. From a fundamental point of view, gold has no support China has temporarily reduced purchases. But at the same time, a rather hot conflict in the Middle East and Eastern Europe may support the gold price. Against the backdrop of the rising dollar, gold traders may intensify the sell-off of the asset and strike another blow to the buyers who appeared in the range of 2290 - 2325. There is not much news in the coming week, but the focus is on: CPI (eur), Core Retail Sales & retail Sales, Initial Jobless Claims, S&P PMI and Fed Monetary Policy. The data is expected to be relatively lukewarm for the dollar, but the situation changes daily. Resistance levels: 2340, 2355 Support levels: 2325, 2305, 2290 Technically, the market maker has not yet reached the key liquidity below 2380, there are no strong and obvious preconditions for the medium term, it is worth paying attention to the daily price behavior. Regards R. Linda!
OANDA:XAUUSD
by RLinda
7
NOT ▵ → Is a rally possible now? Why is 0.020 so important?BINANCE:NOTUSDT breaks the resistance of the descending wedge (bullish set-up) and forms consolidation inside the range 0.0169 - 0.0199. A retest of support or the previously broken pattern boundary before rising is possible. NOT under dump, after a strong rally, has eliminated some traders and may strengthen at the moment after the bulls hold the defense above key support and liquidity zones. The coin is in a consolidation stage after exiting the descending range. The market's transition to the stage of active strengthening and growth may be a breakout and consolidation of the price above 0.0188 - 0.0199. The potential of the coin both technically and fundamentally is quite tempting, but everything depends on the bulls. Resistance levels: 0.0188, 0.0199, 0.023 Support levels: 0.0169, 0.0153 Since the price is inside the range, for an active price action the price must overcome one of the boundaries, the most likely scenario is a retest of the support (false breakdown) before further growth. Regards R. Linda!
Long
by RLinda
13
GOLD - Price can bounce down to $2305 support line of triangleHi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊 A few moments ago price entered to flat, where it first reached $2360 level, after which declined to $2315 level. Then price bounced from this level and made upward impulse higher than $2360, breaking it and exiting from flat. Price entered to triangle, where it at once bounced from resistance line to support line, breaking $2360 and $2315 levels. After this, Gold in a short time rose to $2315 level, broke it, but soon fell back to support line of triangle. Next, price bounced from this line, broke $2315 level again, and now trades near resistance line. In my mind, Gold can make small movement up, and then bounce down to $2305, breaking support level. If this post is useful to you, you can support me with like/boost and advice in comments❤️
OANDA:XAUUSDShort
by WalterMoon
1
GOLD → Retest of resistance before possible decline to 2290FX:XAUUSD is forming the range of 2325 - 2290. In general, the market is bearish and the local bullish distribution that happened since the opening of the session may lead to a false breakdown and further decline Today at 15:00 GMT Fed Monetary Policy Report. I think it is worth paying attention to the Fed comments. As for Gold. All attention to the resistance area of 2315-2325. Most likely we should wait for a false breakdown, at the moment there is no potential to go up against a strong bear market. Against the background of the growth of the dollar index gold traders can strengthen the sales of gold. Consolidation of the price (after the false breakdown) below 2325 or below 2315 may lead the market down to 2300-2290. Resistance levels: 2325, 2340 Support levels: 2315, 2305, 2291 Friday may end with the price testing the resistance and returning to the boundaries of the sideways range, i.e. to the flat state. Regards R. Linda!
FX:XAUUSDShort
by RLinda
12
EURUSD → The currency pair may lose up to 2.5% ↓FX:EURUSD is testing the 1.0884 resistance again after breaking the local channel. But it does not lead to success, as the bears are not letting the price up yet amid the complex fundamental environment. Technically, the currency pair is under a strong resistance zone. The limit level of 1.0884, formed by a big seller, continues to have a negative impact on the price. EURUSD may test 1.0802 in the near future. It is necessary to monitor the price reaction to this area. A quick retest or consolidation could be a prerequisite for a downside breakout and further fall to the lower boundary of the global range at 1.0606 Resistance levels: 1.0884, 1.0942 Support levels: 1.0802, 1.0736 I expect that the bears will continue to dominate the market on the background of the expensive dollar, which may lead to the fact that the currency pair may lose up to 2.0-2.5% of its value. Regards R. Linda!
Short
by RLinda
7
GOLD → Shakeout and false breakdown of 2325. PPI aheadFX:XAUUSD rises to 2340 on the back of yesterday's CPI and Powell's comments form a shakeup in the market and the price of the metal drops to 2308, forming a false breakdown of the key liquidity area of 2325. Today the market is expecting PPI (MoM) and Initial Jobless Claims. Producer Price Index is expected to be lower than last period 0.1% instead of 0.4%, but it all depends on the actual data. Mind you, yesterday the market got a CPI of 3.3%, versus the expected 3.4%. But Powell did not say anything interesting in the change of views and still sticks to the hawkish side. Technically, gold is breaking local upside support and forming a consolidation below 2325. If the data is bullish for the dollar, gold could continue to fall towards 2290-2265. Resistance levels: 2325, 2340 Support levels: 2305, 2291 Technically gold is showing weakness, but it reacts quite strongly to any small positive news. The whole emphasis on today's news, if the fundamental background remains negative, we will consider the targets below, if there are hints of a change in the background, we can consider price growth to 2340-2355. Regards R. Linda!
FX:XAUUSDShort
by RLinda
25