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Trendfibextension

BTCUSDT Elliott Wave - Current Corrective Wave StageCurrent in scope Elliott Wave Impulse Waves 1 to 5. Currently within the Corrective Wave. Used Trend Based Fib Extension Tool to determine the bottom retracement levels of the Corrective Wave A, drawing from 1st High to Low to 2nd High on a 90 minute time frame. - 1st Highs drawn from Wave 5 high. - The low being 22,750 and yet to understand why that level at time of posting but this the magic low used (it is a daily support and a level from which the price moved to make Wave 5 high). - The 2nd Highs drawn to the highest high within the range below Wave 5 high Interesting, using Trend Based Fib Extension, plotting the 1st high, that if you work the way up from left to right, choosing the lower highs on a 90 minute time frame, pulling the next plot to 22,750 lows, then lastly to high within range, playing with this tool draws perfect fibs that correlate to daily Point of Control (POC) levels. I've chosen to use the Fib at 22,750 because when drawing the retracement level for Corrective Wave B. If using 25,530, the price target is below Impulse Wave 3, which does not fit the rule for Elliott Wave Theory. -To draw target Corrective Wave B, using the Trend Based Fib Extension, (Low to high to low), drawn from Corrective Wave A at 22,7k to the High Impulse Wave 5 back down to Wave A at 22,7k giving a possible Corrective Wave B target to the upside of 23,4k. Another important level to be aware of for Wave B target is approximately 22,600ish which is a Naked Point of Control (NPOC) -To draw the Corrective Wave C target, a bit uncertain at time of writing. The last of which is more technical. Using the Trend Based Fib Tool, (high to low to high) from Wave 5, to Wave 4, to the Corrective Wave A, with a target to the downside of approximately 21,750 and daily support level. (at the time of publishing I've 22,129 chosen as it seems a strong daily support). Other point of interest. I've been using Exocharts TPO 1 hourly. Which has been useful for spotting Naked Point of Controls (NPOC), and as well as using Order Flow to determine market movements. Found that although some support levels are well respected. NPOCS on hourly TPO seem to be hit when on a down trend, and can be a good level of support. Please feel free to correct me n any mistakes you make think I have made. Always happy to have positive criticism and useful feedback. Play around with the Trend Based Fib extension tool, the levels and confluence with time frame support and POC's are amazing!
by hmaroudas
3
GBP/CAD 7 swing, looking for at least a buy scalp...Gcad showed some price action showing potential reversal for retracement. It did pull back in a small 3 wave rejecting the fib level. But since then has been making a 7 swing wxy that measures out to break trend line and reverse, which is very typical. TDI shows it be in a sell on the 1 and 4hr charts, but daily looks like more room up to me. Just understand you are trading within a correction so there are different possibilities of how it plays out. It can finish correcting and just continue down, but it can also turn into a running flat, pulling up much more.
by thillygoosth
NZD/CHFThere is some NZD and AUD news drivers this week. Forgive the messy chart. But NZD/CHF measures and counts out to be doing a large 7 swing structure going down. I posted the 4 hr yesterday I believe (I will post another close up look). We got a small correction up that seemed to be correcting itself down running into my 50% weekly pitchfork line, and a w-x-y pattern (which it looks like it is making) should most likely brig it up to trend line. If this is a corrective move, then the next sell would be your swing 7 and the long one, which would finish out the overlapping combo patterns trend fib wise, giving you your 50-62% retrace of the full move up on the weekly. This would basically have Nchf correcting up to meet the 200 and 800MA on the daily, then running it back down to fork.
Long
by thillygoosth
XAG/USDSilver has done 7 swing upon 7 swing. Oversold on weekly. Over extended on Monthly TDI. Already turned up on Daily TDI. There is potential for a very large trade to the upside if it were to do a larger 7 swing on the larger scale. We can get more downside before the LARGE upside move, but we are at a major fibonacci and pattern confluent supply zone. Hard for me to fully explain here what I am looking at, but major level, large potential for upside from this area is all I can really say, I can't explain the different scenarios.
OANDA:XAGUSD
by thillygoosth
GBP/AUDThis is what is making me not so overly hot about the Eur/Aud sell, at least in any long term. GA looks like it needs to pull up. Best thing to do is wait and get in on a 1hr flag, but it looks like it will at least be creating more of this smaller corrective structure with the possibility of going up much more pattern wise. It can extend down more in this channel, but I see it very likely to go up and at least tag that high at 1.78. Just keep in mind that how choppy this pair is. But this the type of price action (even from the top) where run it back up. Notice the smaller WXY pattern, and the larger one. Eur/Aud is at a key spot where it can pull down some, I will post an update on that in a sec. Keep in mind they are in correction but are at a point that they can breakout and make a move.
Long
by thillygoosth