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Gmercerfx

EURCAD Short: Bearish 5-0 Accompanied by BatEURCAD has been trending upward for a couple of months and has recently shown signs of weakness and a potential reversal. The 5-0 pattern is a great way to enter on the reversal. The entry is placed at 0.5BC which is confluent with the completion of a bearish bat pattern. SL is placed above structure highs and .618BC. Targets are placed at BC terminus, 1.272BC, unhit January 2016 pivot and the unhit pivot cluster from early December.
Short
by glennmercer
EURUSD Long: A second Entry at Triangle CompletionEURUSD is nearing the completion of wave-(e) of a possible contracting triangle that could mark the end of wave-(2) before the three-of-C breakout. Entry at AB=CD inside of wave-(e) is confluent with the completion of a bullish cypher and may act as a catalyst for the bullish impulse. Long term target is placed at A=C. It is possible that another rebound off of the top of the triangle could occur, but we would avoid our SL as price would remain inside of the contracting triangle and the breakout would likely occur soon after.
Long
by glennmercer
6
BCEI: Possible Ending Diagonal to Spark Huge RallyBCEI may have completed an ending diagonal at the end of wave C of a zig-zag correction. This could send the pair on a rally toward its price target at around $9. In addition to the wave count, the current level is confluent between .618A=C, 1.786i=v, and iii=v which are all important levels to watch for support and resistance, especially toward the end of the final wave in the sequence. It should also be noted that the stock has a price target of $9 according to research analysts at KLR Group.
BLong
by glennmercer
Long SUNE: Entry at Thrust Target Through Completion of (iv)On the daily TF, we are in the midst of the fifth and final wave of an expanding ending diagonal, counted as C of an ABC zig-zag correction. The monster buying opportunity will be at the completion of this C wave, however, we may be presented with a short term long opportunity with a R/R of 8.5. The current count is wave-b-of-(c) in a potential flat correction which may complete the fourth wave corrective structure in the last leg of the ending diagonal of C. The triangle thrust is confluent with AB=.618CD and is supported by wave-iii low, so a tight stop is not unreasonable here. There will be two targets, one at (a)=(c), which is conservative, and another at the more aggressive yet probable fourth wave terminus at (a)=1.5(c) in previous fourth wave territory. If the trade triggers and travels to target, I will not be taking a short position but instead will wait for C to complete for a long term buy-and-hold.
SLong
by glennmercer
1
EURUSD Wave Count and Something to ConsiderEURUSD is currently rallying with a second impulsive wave toward the top of the declining channel. The pair may see some resistance at these levels as wave-(c) did not surpass the start of wave-(a) and a sideways symmetrical triangle may be underway prior to the continued rally. The channel resistance may add to the bearish bias at these levels. I am still bullish on the pair, and retracement to wave-(e) may present an excellent opportunity to add to bullish positions for the continued rally through the completion of corrective wave-C. Bullish Entry:
Long
by glennmercer
USDJPY Short: Using Harmonics to Catch Wave-((5))USDJPY has completed wave-C-of-(iv)-of-((5)), which means the consolidation phase may be temporarily complete and further bearish price action may be forthcoming. In order to catch the fifth wave movement, it is best to enter at a point which minimizes your risk and maximizes your reward.. This setup shows one way to utilize multiple strategies to supplement your wave analysis. The double top created by wave-iii and wave-v allows for the 2618 entry after the 61.8% retracement. This entry also falls in the PRZ of a bearish bat, which adds to the probability of this being an important level and we may see price continue to drop. SL is placed above wave-(iv) terminus with target at ((1))=((5)) level.
Short
by glennmercer
5
USDJPY Short: Wave 5 Break + Retest (Elliott Wave TCT)USDJPY has completed wave 3 of a potential 5 wave structure. The pair has broken a trendline to complete wave (i) of 5 and is retesting the trendline at the .618 retracement To add resistance, the 200 EMA and SMA lines sit above price and below the SL level. The daily pivot may also add resistance near entry. Entry is placed at 61.8% retracement with SL above wave 4 terminus and target at the 1=5 level. This setup yields a R/R of over 5. Bearish Confluence: Trendline break and retest Pivot resistance 200EMA Resistance 200SMA Resistance Possible wave (i) of 5 completion Significant .618 fib level at entry
Short
by glennmercer
2
AAPL Short: Wave-3-of-(C) PA Indicates More Downside AheadAAPL has completed a five wave impulse and has been in a pullback since February 2015. Since wave-(A) was a three wave move followed by a pro-regressive 3-wave (B) rally, we can expect wave-(C) to be counted as five waves in a 3-3-5 flat. At this juncture, it is difficult to predict how deep price will consolidate after wave-3-of-(C) completion, but we will likely see one of three scenarios unfold (details on chart). After wave-3 completion and consolidation, the continuation through the completion of (C) would provide an excellent short opportunity.
NASDAQ:AAPLShort
by glennmercer
2
Long EURUSD: Potential Rally Through (iii)-of-CEURUSD may be entering a strong rally through wave-iii-of-(iii), providing an opportunity to take a long position with a R/R of 9.36. The larger C-wave is an expected 5-wave impulse considering wave-A was also counted as 5 waves (5-3-5 zig-zag). Since a bullish 5-wave-(i) was corrected by a zig-zag decline and a price was rejected at the .786% retracement of (i), it is reasonable to consider this an indication that wave-iii has begun. Hoever, if wave-ii retraces deeper, and it may, the position will be stopped out and another long position can be taken at the next indication of bullish PA into iii. Target is placed at (A)=(C) with a SL below wave-ii.
Long
by glennmercer
23
GBPNZD Wave Count: Bull Bat ABC Continuation to Gartley TargetOn the daily time frame, price has been rejected at the PRZ of two larger harmonic bullish patterns (Bat + Gartley). The rejection was swift with a 5 wave bullish impulse, followed by a triangle correction and another small impulse to complete a 3 wave pattern (labeled here as (A) of a possible zig-zag correction). Now we are nearing the completion of a bullish bat pattern near previous corrective wave support (B in this case). The bat PRZ may also be supported by the weekly pivot and the 200 period moving average. The (A)=(B) level is confluent with .618CD on the higher TF patterns, so we may see these higher TF patterns meet their targets with this ABC zig-zag correction. With entry at the bat PRZ, SL placement at 1.13XA and target taken at the confluent target level, this is a low risk high reward trade with a R/R of 8.14. Confluence in the PRZ: Bullish Bat (1D TF) Bullish Gartley (1D TF) Bullish Bat (1HR TF) Previous corrective wave support 200MA support EW Count suggests upcoming bullish impulse .618CD & (A)=(B) target confluence Weekly pivot support Structural S/R Zone
Long
by glennmercer
2
GBPJPY Short: TCT + Bat + Gartley + EMA100GBPJPY is nearing the PRZ of two bearish harmonic patterns. The PRZ is tight at about 4 pips and falls in a nice S/R zone. EMA100 may also add resistance in this area. There has also been a slight bearish trend preceding the patterns to add to the bearish bias. Entry is placed at the base of the PRZ with SL above structure highs and target at .618AD. Confluence in the PRZ: Bearish Bat Bearish Gartley EMA100 Resistance Structural Resistance TCT
Short
by glennmercer
Long AUDNZD: Possible Triangle Completion, Cypher to Enter LongAUDNZD has completed the "e" leg of an expanding triangle in a complex triple three correction. Triangles commonly mark the end of a three wave reactionary wave and thus an upcoming bullish move may be impending. A possible cypher will make for an optimal entry long. In the case of the triangle continuing to 2 or 4 additional three wave moves off of the barriers, target one will be taken near the top of the triangle. If price indicates impulsive action through the top of the triangle, the pair is likely to complete the (c) wave on one higher degree. T2 is placed at the peak of (a). SL is placed below Cypher X point, with entry at .786XA. If cypher entry is not triggered, entry will be taken on the break of the trendline.
Long
by glennmercer
2
SUNE Outlook: Bullish Cypher to Bearish GartleySUNE is nearing the completion of a bearish cypher pattern after breaking the bullish Wolfe wave confirmation line and retesting. This presents an opportunity to place a long position. The next pattern to look for if this is filled and completed is the bearish Gartley pattern. Depending on price action, I may be taking both of these trades. I will update the idea accordingly. Cypher PRZ Confluence: Bullish Wolfe Wave on larger TF .786XA 1.272BC Projection 2.5AB=CD MA200 Support Gartley PRZ Confluence: .786XA AB=CD 1.272BC Projection
S
by glennmercer
Short USDCAD: Possible Upcoming Correction (Elliott Wave)USDCAD has potentially completed a long term bullish impulse followed by a 5 wave "a" and a 3 wave "b" correction. 1 and 5 waves show similar price ranges on two different degrees of impulse adding to the probability of the rally being ready for a corrective move down. Channel resistance may also add to bearish bias. There has also been a breakout from the bullish trendline indicating a possible "c" wave breakout. If the correction is not a zig-zag or the rally is not over, the trade will be stopped out quickly. Target is placed near previous fourth wave support. This allows for a low-risk, high-reward trade with a R/R of about 15.
Short
by glennmercer
4
USDJPY Forecast: Gartley to 2618 to V (Elliott Wave)USDJPY has completed a bearish Gartley pattern in a corrective wave structure. The flat correction may be treated like a double bottom so that a long trade can be entered at the .618 retracement of CD, a common Gartley target. The 1.618 extension target for the 2618 trade coincides nicely with previous wave 4 resistance and serves as a nice TP zone. A short trade may be taken in the S/R zone to follow through with wave ((5))/III. SL for short is placed above wave I peak as any overlap will invalidate wave structure. Target is placed at 1.382((1))=((5)) and above previous fourth wave support. Long trade yields a R/R of about 3, where as the short trade provides a 4.22 R/R.
by glennmercer
Long NZDUSD: Cypher + Shark + Pivots + Divergence + Oversold +TLNZDUSD has entered the PRZ of two bullish harmonic patterns. The PRZ is supported by two weekly trendlines and a series of missed pivots sit above price which may help add to bullish bias as well. Divergence can be observed on both MACD and RSI oscillators, in addition to an oversold RSI. Entry is placed at the base of the PRZ with SL below the second weekly support trendline and targets at .5CD and the unhit pivot cluster near the BC terminus. Bullish Confluence: Bullish Cypher Bullish Shark 2 Weekly trendlines Missed pivots above price MACD Divergence RSI Divergence RSI Oversold 1.618AB=CD 1.272BC Projection
Long
by glennmercer
4
USDCAD Short: Bearish Gartley in S/R ZoneUSDCAD is nearing the completion of a bearish Gartley pattern. The PRZ falls inside of a significant S/R zone, adding to the probability of a reversal at those levels. With a potential upcoming rebound in oil this could provide a nice entry for a larger bearish move toward the missed pivots sitting below price (see related ideas). This would of course depend on price action at the target if TP is achieved. Entry is placed at .786XA with SL above X and target at .618CD. Confluence in the PRZ: .786XA (Gartley completion) 1.272BC Projection AB=CD S/R Zone Many missed pivots below price Potential long setup in USOIL
Short
by glennmercer
Long EURJPY: Bat + Wolfe + AB=CD + Divergence (2X) + TL SupportEURJPY is nearing the PRZ of a series of bullish patterns. A medium term bullish trendline may add support to the reversal zone. To add to the bullish bias, MACD and RSI have both printed bullish divergence. Entry is placed in the center of the PRZ with SL below structure lows and Bat X point and target at .618CD. Confluence in the PRZ: Bullish Bat Bullish Wolfe Wave Bullish AB=CD Bullish MACD Divergence Bullish RSI Divergence Bullish Trendline Support
Long
by glennmercer