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Elliott Waves Suggests USDMXN Can Be A Nice ShortHey folks, In this article, I’ll give you an update on USDMXN, which we’ve talked about before. You probably noticed that the Mexican Peso (MXN) has been quite strong for the past couple of years, mainly because of higher interest rates compared to other places, USDMXN short was a good carry trade. However, things have started to shift a bit recently. Inflation in the US went up a bit due to rising energy costs, and some folks thought the Federal Reserve (FED) might keep a tough stance (hawkish) on monetary policy. This pushed the US Dollar higher along with yields. But now, there’s a new element in the mix – the geopolitical tension between Hamas and Israel. This situation can make the markets super jumpy and volatile. I’m not so sure if the FED can keep its hawkish stance in such a shaky environment. Keep in mind, during a conflict or war, a government might ease up on its tough policies to fund the war effort and get cheap financing. So, I’m wondering if it might be the right time to expect USDMXN to continue its downward trend. In fact, the pair has dropped this week, especially after markets opened with some gaps in various assets. From an Elliott Wave point of view, we can see a decent corrective rise from recent lows, a clear fourth wave move up to the 38.2% Fibonacci resistance. We’re seeing a turnaround from there, and if we break key rising trendline, more bears could join the party. This makes sense since the overall trend is still bearish as long as the price stays below the 2022 trendline resistance. So, I think a fifth wave down might be just around the corner, and it could happen quite quickly, especially if the US Dollar’s trend changes, which is possible if stocks would stay in risk-on mode till end of the week.
Short
by ew-forecast
Broken Trendline Keeps USDMXN In Downtrend For Wave 5Broken Trendline Keeps USDMXN In Downtrend For Wave 5 from technical point of view and by Elliott wave theory. USDMXN shorts are doing very well as we mentioned and highlighted on October 12, when we spotted a corrective recovery in wave (4). As you can see today, USDMXN turned nicely down from projected resistance and it can be headed much lower as bulls failed to break above the daily trendline resistance in October. So this was seen as a corrective and temporary bounce; wave (4), which puts wave (5) in action after broken trendline support, so weakness is ready to resume, ideally down to 16.00.
Short
by ew-forecast
4
It is time to SKALE ⤴️Hello TradingView Family / Fellow Traders, 📉 After a 130% surge , BITRUE:SKLUSDT has entered a correction phase and is currently trading within the descending blue channel. 🏹 SKL is presently approaching a robust demand zone highlighted in green. Therefore, as the price approaches this zone, we will be seeking trend-following buy setups on lower timeframes. 📈 For the bulls to assume control and initiate the next upward impulse movement, a breakout above the blue channel is required. Meanwhile, an expected movement towards the demand zone is anticipated. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Richard Nasr
Long
by TheSignalyst
1
GOLD - Higher Timeframe Overview ✨This may be against the trend or as my friend says "going against a tsunami" but there's technical evidence to suggest that we may see a drop in Gold for the next couple of months. On the monthly timeframe we appear to be in wave 3 - which is made out of 5 impulsive subwaves. See below: Wave 2 and Wave 4 are ABC corrective waves and on the weekly timeframe we can see that we are still within the ABC corrective parameters of wave 4 and awaiting the final C wave, which is a move down. We have the FED rate decision on March 16th which could really shake the market. We're expecting USD strength during FED and Gold is weighted against the USD and is inversely correlated. If USD goes up, GOLD should go down... eventually. It is important that we do NOT jump in to shorting Gold early without seeing either of the following: - Lack of buyers - Any sellers At the moment there are plenty of buyers of Gold due to the war in Ukraine - Gold is acting as a safe haven. Also, there does not seem to be any sellers entering the market... yet. The key event to watch is the FED rate decision on March 16th. We could potentially see the start of the bearish wave C during the event. Once we see the first move down, we can prepare ourselves for an entry once we see a correction. See below: It's better to wait for confirmation rather than try and call the tops and bottoms of a move. Plenty of money to be made after seeing the confirmation and it's less likely you'll be riding out drawdown. Would love to hear your thoughts - leave your comments below. Goodluck and as always, trade safe!
OANDA:XAUUSD
by WicktatorFX
30
Flow in the accumulation zone!!!The price is still in the Global accumulation zone, as soon as it leaves it beyond the level of 0.703 with consolidation, this will mean the beginning of global growth of the asset!!! The purchase levels under the "Impulse" strategy were: Global 0.413 Local 0.410 Buy zone 0.497-0.348, level 0.416 I don't see the strength yet! it is possible to return to the zones: Local 0.560-0.311 and Purchases 0.497-0.348! The price of the total volume is 0.445 - for those who do not remember, or do not know! This is the average price of the largest traded volume, and since the price is at the bottom, it is (the average price of the accumulated position at the moment) Good hunting to all!!!
by InHoldOut
2
BTC/USD: Bull Market Confirmed! Here's What's NextAfter careful analysis, it's clear we've entered a bull market for BTC. The global correction wave 4 concluded in November 2022, and the recent price actions offer confirmation. Here are the key takeaways: The trend from 23rd November 2022 presents as a robust bullish impulse. All impulse waves and corrections looks nice and well-balanced. The waves within this trend are well-proportioned and align with various Fibonacci levels. It's almost too good to be true! We're currently riding wave 5 of the initial bullish impulse. Expect bullish momentum to persist until the end of November. Following that, prepare for a retracement back to the ~$25000 region before we launch into a massive bull run for 2024!
BITSTAMP:BTCUSDLong
by tim13l
BTC KEY LOCAL AREAS MAPPED!Bitcoin is currently trading below a local SFP level and is looking to cool off a little bit over the weekend, possible coming back down to the golden pocket mapped out below (Orange Double Lines). If it does reach that zone, I would expect price to keep climbing in the short term, but anything can happen. Lets see how this all plays out. This is a great area to long BITCOIN using the right risk management. Calculate Your Risk/Reward so you don't lose more than 1% of your account per trade. Every day the charts provide new information. You have to adjust or get REKT. Love it or hate it, hit that thumbs up and share your thoughts below! This is not financial advice. This is for educational purposes only.
by Navitility
SILVER - Catch Wave B!Silver is currently in wave 2, which appears to be a 335 flat correction. Wave A had 3 waves and now we're in wave B where we're expecting another 3 wave structure. It appears as the bottom is in so we can use the lows as invalidation level. Trade Idea: - you can either enter now with stops below the lows - Or wait for a pullback (retracement) and enter with stops below the lows - Targets: 24, 25, 26. We may make an expanded or contracted flat correction so just manage position as we move higher. Goodluck and as always, trade safe!
OANDA:XAGUSD
by WicktatorFX
3