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SILVER POINTING ABOVE 30.0! - ELLIOTT WAVEHi Ellioticians, silver is trading choppy and corrective for the last year and a half. We see a possible completed complex correction in II, down from 29.87 high, which means more upside can be expected for silver in the long run. At the moment we are observing an idea of an Elliott wave leading diagonal in blue wave 1 of III, which is a wedge and still needs two more legs to fully develop. Lower ending diagonal line can react as support. In case 21.47 gets broken, then higher degree wave II can still be unfolding as a complex correction. If we get a sharp and impulsive move above the 28.74, 30.0 area, then higher degree wave III can already be in full motion, and more upside underway. Trade well.
OANDA:XAGUSD
by Gravity33
Elliott Wave Theory - Motive WavesElliott Wave Theory , developed by Ralph Nelson Elliott, proposes that the seemingly chaotic behaviour of the different financial markets isn’t actually chaotic. In fact the markets moves in predictable, repetitive cycles or waves and can be measured and forecast using Fibonacci numbers. The very basics of Elliott Wave Theory ; The Elliott wave principle at its core consists of motive waves, movement in the direction of the larger trend, and corrective waves, any correction against the main trend. Market prices alternate between a motive phase, and a corrective phase on all time scales of trend. Wave analysis offers insights into trend dynamics and helps you understand price movements in a much deeper way and offers the trader a level of anticipation and/or prediction when searching for trading opportunities Motive Waves Motive waves in general can be categorized as Impulse and Diagonal waves a- Impulse Waves Impulse waves consist of five sub-waves in the same direction as the trend of one larger degree. Elliott proposed that financial price trends, the waves, are created by investor psychology or sentiment and the waves can be measured and forecast using Fibonacci numbers . In adition to using fibonacci retracments and extetion to forcast probable targets, channeling technique is also presented, where channeling technique is used to forecast wave formations and targets using price action . Disclaimer: besides the rules, the below presented figures displays guidelines that elliott waves may form. Guidelines are tendencies, not set in stone rules b- Diagonal Waves (Wedges) Another form of motive waves are diagonals, they appear in the beginning of a larger trend, called leading diagonal and at the end of the larger trend, called ending diagonal They are five-wave structures in the direction of the main trend within which wave 4 almost always moves into the price territory of (overlaps) wave 1, breaking the rule of impulse motive wave Diagonals take a wedge shape within two converging lines Elliott was careful to note that these patterns do not provide any kind of certainty about future price movement, but rather, serve in helping to order the probabilities for future market action. They can be used in conjunction with other forms of technical and fundamental analysis, including technical indicators, to identify specific opportunities. Technical Indicators Using various technical indicators among elliott wave practitioners is not so common, except few, probably the common one used is a kind of momentum indicator, such as RSI or MACD , to detect divergencies Fibonacci retracement and extension drawing tools are essential for elliott wave practitioners. In todays computerized era many of the darawing tool's auto indicator versions are availabe on the trading platforms, such as Auto Fib ( where and how tp apply ) Elliott Wave Oscillator ( EWO ) , is inspired by the Elliott Wave principle and helps counting the waves Volume and Volume Profile ( Vol / Vol Profile ) combined with price action is esential in technical anlaysis and for elliott wave practitioners helps to identify impulse and correction phases Other indicators that are referred among elliott wave practitioners Pitchforks ( how to apply ), Pitchfans , FibFans ( how to apply ), FibChannels ( how to apply ), FibTime , LinReg Channel ( what it is ), Raff Regression Channel ( what it is ), etc
Education
by dgtrd
37
ZRX Short Term Bullish Count for 0x - Original Live Stream ChartWe discussed this play during the live stream, and it was clear there was a lot of potential here. We were moving along perfectly with wave 3 when we suddenly got a jolt that propelled us far ahead of what was expected. The fundamental injection came from the news that Coinbase was considering, 0x, ZRXBTC for listing on their platform. I had adjusted my bullish count after this news, and this is the strongest count I have. We should see continued impulsive motive waves given the high impact of these sorts of announcements. The only variable that is unable to be modeled is the retracement of the initial pump caused by the announcement. Unfortunately, a strong corrective sub wave can invalidate this count, and we'd need to address anew count with softer targets. That's why THIS, is the BULLISH COUNT. Prior to the Coinbase FA earthquake, we saw strong Fibonacci ranging with numerous tested supports at critical levels, so I expect to have many predictable resistance levels en route to primary wave 5. Keep in mind, you should always move up your stop losses when you can, when you have a strong support and you can place the order below it. Instead of taking profit by selling at target, move your SL to a tight support below the current level, locking in additional gains. If we turn south and retrace strongly below the current subwave correction, I'll share my moderate-bearish count which may be a bit more realistic, as it negates the initial FA pump from the news. If Bitcoin continues towards its 4k target without much support, ZRX and our other alt plays could be directly impacted as well. To be determined. For now, Trade Smart & Know Better! - Lord Vader (a.k.a. Darth Crypto)(a.k.a. The Big Dip Sith)
by jessesfeinberg
1
Two reasons to consider the USDCAD in downtrend.Two reasons to consider the USDCAD in downtrend. 1. This is last wave (Elliot Wave 5) of Basic Motive Phase. 2. Then here begin a first wave (Elliot Wave A) of Corrective Phase. 3. This is second wave (Elliot Wave B) of Corrective Phase. Note: This wave have inside two Elliot Wave. a) Bull Market Truncation (Red Color and Completed) b) Elliot Wave Basic (Blue Color and not Completed) 4. This is corrective wave (Elliot Wave B) of Corrective Phase. Note: This corrective wave has already started, missing the wave B (Uptrend) and C (Downtrend). This is the SECOND reason to consider that the price will be BEARISH. 5. This is last wave (Elliot Wave C) of Corrective Phase. This is the FIRST reason to consider that the price will be BEARISH.
Short
by josegarglex
4
GBPCAD : Downward Correction In Play Towards 1.9600On the Daily chart of GBPCAD, we see a nice bullish cycle from April lows. It looks like trend made a top as in red wave (v) and now we expect the price to make a three wave retracement. Red waves (a) and (b) seems to be completed, because of a sharp fall to the downside into a red wave (c), which should have an impulsive structure, that means five waves down, that we are tracking on 4h chart. Ideally price will continue to around 1.9600 - 1.9700 area, where even our fibo. level 50% of a previous big five waves up shown on the Daily chart can react as a support. Link to our previous posts about this pair: www.ew-forecast.com
Short
by ew-forecast
4
EURCAD : Correction May Be Over; Pair Could Reach Lower LevelsOn the 4h chart of EURCAD, we see that price was trading in a correction, because of a slow and sloppy price action. That said price made a double zig-zag labeled as red waves w-x-y. We think that correction might be over because of a sharp fall to the downside labeled as red wave i-circled. A recent pullback to 1.4984 could be red wave ii-circled, and now we may see price reach lower levels in red wave iii in days ahead. A double zig-zag is a correction, a complex pattern structured by seven swings. It's actually a combination of two simple zig-zags. The difference is that usually double zig-zag will make deeper retracement and be longer in time compared to only one simple zig-zag. Two zig-zags are separated by wave x. www.ew-forecast.com
Short
by ew-forecast
7