Sell #XAUUSD in case2 with Truncated zigzagThis idea is the second view in the Elliott wave ( Let's see another idea to compare in related ideas links)
TP 1 1746
TP2 1700 (sweet spot)
TP3 1660 ( truncated tp)
invalid for Truncate
SL 1839
Truncated
BTCUSDLast outlook we anticipated to have a normal Elliott Wave 5 to the downside. However price has continued to trade sideways in a Zig Zag Pattern. Price has not traded below the March 19, 2021 low which completed the Wave 3. The current analysis is that on June 22, 2021 price completed a final WXY Zig Zag at 29563.05 and exactly 6 months ago to the day when price traded upwards from the same support level on January 22, 2021. Our anticipation is for a continuation to the upside in an impulsive manner and will consider the Truncated Wave 5 confirmed once price trades to and stays above 42449.55.
Current Bias is Long BTC and Bearish USD.
Trade Well and Stay Safe !
Truncated 5th usually happens when 3ed is over extended,not hereIn our favored count 1st is extended not 3ed = Probably no truncation for 5th!!!
-If Wave 5 is truncated, or contains an Impulse that is truncated, then neither Wave 3 nor Wave 4 can contain a subwave that is truncated. (A truncated pattern is where Wave 5 is shorter than Wave 4. This is also known as a failure.)
-Requirements
Given that we already experienced upward 5-wave move – and if
That last 5th wave was shorter than where the 3rd wave extended into
Followed by a strong move in the opposite direction
…then, that experienced is likely a truncated 5th wav
-Sometimes a fifth wave could be weak and end without reaching the end of the third wave. A situation like this calls a 'truncation', which we could face at the fifth wave of an impulse or ending diagonal. It's pretty rare if even possible to have a truncation in a position of the fifth wave of a leading diagonal. Usually, a truncation happens after a really strong third wave !!!!!!!!!!!!!!!!!!
-How to recognize truncation
It’s quite challenging to recognize a truncation in the real-time wave counting, so there’re some tips:
-In most cases a truncation forms in impulses with huge third waves, so if we come to the conclusion that if there's such a case, we should watch out for a possibility to have a failure in the fifth wave.
At the same time, there's always a choice if we have a five-wave price movement from the ending point for the fourth wave, but the market doesn't move beyond the end of the third wave. In a situation like this the five-wave price movement could be wave one of the fifth wave or the fifth wave itself. The key point here is what happens after this five-wave price movement after the fourth wave. If we have a local three-wave correction, then it's likely that the fifth wave is going to be continued. However, if a five-wave price movement forms instead, we should be aware to face a truncation in the fifth
-Truncated fifth waves are among the trickiest patterns in the catalogue of the Elliott Wave Principle. The worst about them is that you can not predict a truncation. You can only guess, but the fact that a truncation may occur once in a hundred times makes guessing pointless. !!!!!!!!!!!!
$AUD vs $CAD Weekly Chart.Flat completed |#aud #cad #fx #aussieTraders,
Since 29.07.2013 AUDCAD has been in a corrective regular flat pattern and has given us a 3-3-5 sequence till now, so expecting this correction to end for the last final wave which will probably unfold into a five-wave motive sequence to complete the A-B-C ZigZag pattern.
In the regular flat:
1 - Wave-(A) developed into a ZigZag internal structure 5-3-5, ending at 1.03500
2 - Wave-(B) developed into a Zig-Zag internal structure 5-3-5, ending at 0.91502 breaking (A) wave's origin by 16 pips.
3 - Wave-(C) developed into a 5-wave ending diagonal motive structure, with a truncated 5th wave as it was unable to break iii. wave's end. Patterns orthodox high slightly broke wave's (A) end, giving us a regular flat pattern.
First target is 0.85775 ( wave's low in the bigger ZigZag pattern) where many Fibonacci measurements cooperate, pointing a High-Probability reversal target.
Trade with discipline
Best
Wave 3 of 3 of C of 2, and maybe truncated 5th to start 4 of C?It looks like we might now be on the third subwave of wave 3 of C of this correction, assuming it is an ABC correction for wave 2 of the higher degree uptrend. If so, we should see a strong bounce around 7800 and then sideways for a while for wave 4, before continuing on to wave 5.
I think we might see a truncated 5th on this current 3rd wave down to start wave 4 on the higher degree. BTC seems to like truncated 5ths lately, and this would bring wave 3 of C to 1.618 of wave 1 of C.
I'm new to Elliot Wave analysis so excuse my ineptitude and please let me know if you notice any formation rules or guidelines I am overlooking here. Thanks!
I've been making new ideas to update my outlook as this correction has proceeded, and I've linked my old ones. Some of them have been off by a bit but the overall trend seems to be holding.
I'm short until at least 7800 and then cautiously waiting to see how far we go past there.
*edit*
Here's an alternative count:
BTC Truncated 5th's and fractal movement?I was wrong and BTC kept climbing a bit further before losing steam on the latest run. It looks to me like we are near the end of wave B of this ABC correction within wave 2 of a bullish trend.
I'm new to EW analysis so please let me know if anything seems to break the wave formation rules/guidelines. As far as I can tell everything conforms. For wave C down I just copy/pasted wave A, but it is likely to play out differently than wave A.
If the current 5th wave rally breaks the top of wave 3, then maybe my analysis is faulty and BTC will continue climbing immediately!
BTC truncated 5th wave?New to TA so please excuse my ineptitude. As far as I can tell, this idea conforms to Elliot Wave formation rules. If this is correct, we will be entering corrective wave 2 shortly if $11786.01 isn't broken. I would appreciate any feedback if I've misunderstood or overlooked any formation rules which invalidate this analysis.
Truncated 5th wave at the $11,800 resistance?I've been watching the $11,800 level for a few days now as it's a VERY strong resistance point. I'm now seeing a rising wedge that, to me, indicates a truncated 5th wave and a retraction between $10,500-$10,800 before we bounce for the 5th wave up. Short term - I'm bearish and planning on shorting down to $10,800 then I'll flip to a long position to $12,800-$13,300 range.
Let me know if you're seeing something different, as with usual TA is open to interpretation.
Eur/Aud buyI feel so stupid considering I had perfect buy entry earlier, and also because I fel like I never took the time to properly look at this as a whole. It is possible it produces a nice sell setup, but considering everything I would at least expect it to hit that 618/equal length, possibly much more. EA told us exactly what it was doing, I was just to busy looking at other pairs, but I would just say to continue looking for buys, if it pulls down/ consolidates, look for chances to buy.
Potential Bearish Butterfly setting up in Kalvista$Kalv setting up for a potential Bearish Butterfly
But it's still early to say for sure !!!
PRZ will be 9.33
I expect only to see T1 (8.28) happening due to - a completion of the pattern will break an important resistance line going way back. That could send the price of this stock very high. (Gaps to be closed).
T2 come in at 7.61
Time will show!
Best to your trading!
WallStScalper.com
P.S Prior of posting this pattern I made a chart with a pattern showing a truncated B to C-leg - in what I called a potential Bearish Cypher. In lack of a name of this pattern which I often see in all trading categories - I called it a Bearish Cypher pattern. See chart below
The truncation of the B to C-leg makes it perhaps more suitable calling it a double bottom B to C-leg. It has the characteristics of always surpass the recent low (X to A leg) a little further than the X to A leg due to the natures of the B to C-leg taking stops out that have been place right under the X to A leg endpoint.
Perhaps it's better calling it a Bearish truncated Cypher Pattern. Anyway for your future trading - be aware of this truncation in the pattern that will give you an edge in trading harmonic patterns.
Lastly: There is nothing to prevent a full pattern happening either.
Showed visuel.:
Bearish Bat on Weekly Candle Closes. Looking for sell setups!Looks like another bearish bat here. Most recent bull run broke long term trend channel. We had a previous bat that signaled a huge short, along with Elliot wave truncation. Will be looking for short setups on a lower time frame! If you like my idea, give me a thumbs up! If you think it's idiotic, well I'd like to know that too :)
Good luck next week!
AUDNZD ENTRY 4H - COMBINATION OF TRUNCATED ELLIOTT WAVESLOOKING FOR A BUY SET UP IN AUDNZD. WE HAVE A BLUE AND RED ELLIOTT TRUNCATED WAVES, YOU CAN VERIFY IT BECAUSE OF THE PURPLE STRUCTURE AT THE TRUNCATION ZONES.
THE COMBINATION IS ITSELF A 4H CORRECTIVE STRUCTURE FROM THE FIRST IMPULSE FROM -B- AT THE WEEKLY -ABC- CORRECTION I POSTED BEFORE THIS ANALYSIS.
I AM WAITING FOR THE MARKET TO CONSOLIDATE IN A FLAG AT THE END OF THE 4H CORRECTIVE STRUCTURE SO IT MAKES THE FINAL IMPULSE FOR A BRAKEOUT.
CARLOS
Nat Gas Fast Move Down Continuation Nat Gas trend has been down for two years now, and the small corrective cycle in a bearish trend has ended.
Chart had a small corrective wave (last move truncated) and I'm targeting a fast move to $1.50 for my first target with a small bounce to near $2.0 support turned resistance and a final blow to $1.05.
Nat Gas fast move lower will effect oil prices.
