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Harmonic Patterns

End of hibernation for the bears?AMEX:SPY is at a pivotal point and could potentially be at the top of the bullish cycle that began in October 2022. If this prediction proves accurate, I think we could see a maximum low of $510 for this year. There are a couple of caveats, including one that will be a clear indicator of whether or not this wave count is accurate, which I will explain later. On the 1000R chart ($10), this uptrend was confirmed by Supertrend and volume activity. Volume drastically increased at the start of Wave (3) in March 2023 and did not taper off until the start of Wave (4) in July 2024. This was the strongest impulse in the trend, which is common for Wave 3. You can also see the ADX line of the DMI indicator (white line) was at its highest level during that period. Assuming Wave (5) is already complete, we can observe that the volume in Wave (3) was considerably less than Wave (5). Other observations supporting this wave count: - Wave (4) retracing into the territory of Wave 4 of (3) - Alternation in corrective patterns between Wave (2) and Wave (4); flat in (2) and straight down in (4) - Wave (5) extending to nearly 1.618 of (1) While the points I’ve made so far suggest that the market may be on the verge of a crash, the image gets more complicated when you take a closer look on the 250R chart ($2.50). I’ll start with what I’m counting as Wave 4 of (5). The price ended at ATH in Wave 3 and then corrected in an unmistakable five wave descending wedge pattern. This can only be a fourth wave of a larger impulse, so we can conclude with a fair amount of confidence that the wave that follows will be the last. Here is where things get interesting. The price moved from $575 on January 13th to a slightly higher ATH of $609.24 on January 24th before being rejected again. This uptrend unfolded in a typical bullish pattern and left a notable gap at $584, which is the only gap still left unfilled. The trend change is confirmed on the moving averages. Notice the serious drop in volume that followed as well. Despite the shift in volume, there are two issues I have with this wave count that are preventing me from calling this a confirmed correction: 1. Wave 5 of (5) was awfully short and only extended roughly $2 above the end of Wave 3 of (5). This does not break any rules, but it is unusual. 2. What I have labelled as Wave B of Wave (1) or (A) of the correction made a new ATH on Friday February 14th, which should invalidate this wave count since the end of Wave 5 of (5) should be the peak. The second point is why some may think that we are about to resume the larger bull trend, however there is a possibility that they are mistaken based off the PA on the actual index SP:SPX and futures CME_MINI:ES1! . On the SP:SPX chart, we can see that the index did not break the ATH at $6128.18 set on January 25th, and instead rejected at $6,127.24. CME_MINI:ES1! also failed to notch a new ATH on Friday and I have observed the price action create a nearly perfect bearish butterfly pattern. Also notice how the volume is significantly lower than in the uptrend that began on January 31st. So the question remains: are we at a tipping point or will the bulls regain control? Right now it’s unclear, but I will keep my bearish sentiment until SP:SPX makes a new ATH, which will invalidate this theory. Since only the ETF that tracks it only made a slightly higher high on low volume, I’m skeptical of the PA on AMEX:SPY at the moment. This is why I entered puts on Friday. If the trade plays out, I expect the price to quickly move to fill the gap at $584, which is still conveniently located at what I cam considering the 1.236 extension of Wave A, which is a common target extension in flat corrections. I will keep my puts open until this idea is invalidated, as the Wave C drop will likely be caused by a news event that could come at any time. Let me know if you guys are seeing the same thing or something different. Good luck to all!
AMEX:SPYShort
by ap769
3
BTCUSD breakout Alert !! $100k Next ??BTC/USD Breakout Bliss! After navigating a downward channel, Bitcoin has burst forth with renewed vigor, shattering resistance and embarking on an upward trajectory! The recent breakout has paved the way for a fresh up channel, as the pioneering cryptocurrency continues to demonstrate its unwavering resilience. And what a rally it's been! Just yesterday, BTC/USD was trading at $78k, but today it's soared to a staggering $85k! Our long-term target? A lofty $100k! With Bitcoin's proven track record of defying expectations and pushing boundaries, we're confident that this ambitious target is well within reach. As the bulls continue to drive the price upward, fueled by unrelenting momentum and an unshakeable conviction in the crypto community, one thing is certain – the King of Crypto has reclaimed its throne, and its reign is far from over! Let's keep the momentum going! Drop a comment below and share your thoughts on this rally! Boost this idea and let's spread the word about the Bitcoin breakout! Stay tuned for further updates, and get ready to HODL on tight!" Best wishes Tom 😎
Long
by LegendaryTom
VARAUSD - UPDATE! Bullish Squeeze & Golden Pocket Range UpdateI have adusted the trend line and the subsequent target area for the descending range. I believe this has to turn sideways at some point so we will want to prepare for that. It is actually possible that this last move was a move sideways which if so it means that we now have to pay closer attention to horizontal psychological levels. Right now, the diagonal psychological levels have a little more pressure on our trades.
COINBASE:VARAUSDLong
by fritbjorn
$FET Analysis 🔸 🔸 Key Support Zone at $0.45 - $0.59: FET is currently trading near this crucial accumulation area, historically acting as a strong demand zone. A bounce from this level could trigger a bullish reversal. 🔸 Upside Target: $2.14 - $3.46 If the price holds above support and breaks resistance, potential targets include: $2.14 (First major resistance) $2.84 (Intermediate target) $3.46 (Full breakout potential) 🔸 Risk Level at Below $0.45: A breakdown below $0.45 could invalidate the bullish outlook and signal further downside. 🔸 Action Plan: Monitor price action around the $0.60 region. If bullish momentum builds, a breakout towards higher targets could be in play.
Long
by CryptoSkullSignal
$CLSK / 4hNASDAQ:CLSK has worked marching in place in the last 3 days, closing the week by 20% decline as well and it seems to have poised for further decline over the few coming weeks. >> The following decline towards the Fib-extension level surrounding 6.26 lies ahead. And also an ultimate target might be around >> 5.92, where Minor degree wave B will achieve the 1.38 Fib retracing level of the expanded diagonal wave A, with respecting an expanded flat correction as the ongoing wave (X). #CryptoStocks #CLSK #BTCMining #BTC
NASDAQ:CLSK
by ElliottChart
Gold price update: Sharp decline from all-time high!Dear friends! Global gold prices have fallen to their lowest level in over a week, driven by the strengthening U.S. dollar. Investors are closely watching key inflation data, which could provide important clues about the Federal Reserve’s monetary policy. Meanwhile, the U.S. dollar has risen by 0.2%, pushing the USD Index (.DXY) further away from its 11-week low. This appreciation makes gold more expensive for investors holding other currencies. On the other hand, U.S. President Donald Trump has raised hopes of a one-month delay in imposing higher tariffs on imports from Mexico and Canada, while also proposing a 25% tariff on European automobiles and goods. This uncertainty has driven investors toward the U.S. dollar, adding further pressure on gold prices, which were already facing profit-taking pressure after reaching record highs.
OANDA:XAUUSDShort
by Trader_LinaScalping
EURUSD: Bearish Wave Continues to Dominate!EURUSD continued its downward trajectory on Thursday, losing nearly 0.9% and slipping below the key 1.0400 support level for the first time in nearly two weeks. The decline was driven by strong USD buying pressure across the market. The U.S. Dollar Index (DXY) reclaimed the 107.00 level, reaching a fresh six-day high, supported by a modest uptick in both U.S. and German bond yields. The dollar’s strength reflects ongoing concerns over U.S. tariffs and fresh doubts about the health of the U.S. economy, following weaker-than-expected economic data in recent days. These factors have weighed heavily on EURUSD. From a technical perspective, the pair has broken below an ascending trendline, confirming a shift in momentum towards the downside. This reinforces the bearish outlook, as no clear bottom formation has been established yet. If EURUSD stages a recovery, it is likely to encounter resistance near the confluence zone of the EMA 34, EMA 89, and the newly formed resistance area, which could trigger renewed selling pressure. For now, the bearish bias remains intact, with further downside potential unless a decisive recovery above the resistance zone materializes.
Short
by Trader_LinaScalping
GBPUSD: The trend of discounts prevails?Hello everyone, great to have you back for today's discussion on GBPUSD! Currently, GBPUSD has extended its decline, trading below 1.2600 as market pressure intensifies. Risk sentiment has worsened following a series of U.S. economic data releases, which indicate weakness in the overall U.S. economy while also signaling a persistent rise in core inflationary pressures. From a technical standpoint, the pair has broken below the ascending trendline, confirming a bearish breakout. The bearish momentum remains strong, with no clear signs of a bottom forming yet. If GBPUSD stages a corrective pullback, it is likely to face resistance around the 0.5-0.618 Fibonacci retracement zone, which aligns with the confluence of EMA 34, EMA 89, and the newly established resistance area. This setup could reinforce selling pressure, making it a key level to watch.
Short
by Trader_LinaScalping
Gorilla Tech (GRRR): AI Security Solutions Drive GrowthGorilla Technology Group Inc. (GRRR) is a leading provider of AI-driven security and analytics solutions. The company specializes in cybersecurity, video analytics, and edge AI computing, helping businesses and governments enhance security and operational efficiency. As demand for AI-powered data solutions continues to rise, Gorilla Technology is well-positioned to grow with its innovative approach to data intelligence, cloud computing, and security infrastructure. The stock chart recently displayed a confirmation bar with rising volume, pushing the price into the momentum zone, which occurs when it moves above the 0.236 Fibonacci level. This signals strong investor confidence and suggests the potential for continued upside as buying interest strengthens. Using a stop loss is kinda like having a safety net while walking on a high wire. If you slip, the net catches you before you fall too far. Traders set stop losses at key Fibonacci levels, so if the stock moves against them, they exit before taking a big hit. This way, they ride the uptrend while staying protected. If momentum fades, the stop loss locks in profits, keeping gains secure without guessing when to sell.
NASDAQ:GRRRLong
by traderspro_charts