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WAVE-2

Elliott wave analysis of GOLD June 28 2021Gold had already found support on the hidden trend line drawn from one of the tops, that helped me forecast a strong move down. In last 5-6 trading days Gold has been moving sideways. To see if the sideways price action is accumulation or distribution; I analyzed 15 minute chart using Elliott wave analysis and saw a flat correction, in which wave (c) is and expanding ending diagonal, thus confirming that the sideways price action is rather an distribution pattern. This gives us a very nice trading setup for bearish Gold. This 15 minute chart sideways pattern is actually wave (4). The main point of observation is that the wave (3) is not clearly subdivided that means wave (5) is going to subdivided. When we add distribution pattern to the mix, we realize a large drop in price of Gold is expected in the shape of a subdivided impulse wave. Looking at important resistance points 1550 to 1580 seems to be the zone for profit taking. Enjoy
FOREXCOM:XAUUSDShort
by elliottwavegreen
1
ONE:USDT Bullish, LONG, 5th wave, +10xThis is ONE beautiful chart ;) if this plays out honestly this is one to frame and put on the wall. I can't help but marvel at how technically perfect it is. If this plays out- it'll display the real power of Elliott wave. This 4th- 5th wave trade is the bread and butter of Elliott- it doesn't get better than this. Key points 2nd wave retraced to the high probability zone 0.5 Fib 3rd wave pivoted at the high probability zone between the 1.618- 1.75 Fib 4th wave has currently retraced to the high probability zone 0.38 Fib 5th wave high probability target is at 1:1 of the first wave projected from the end of the 4th wave; this gives a target of almost 10x! 4th to 5th wave trade: Entry: Below 0.056 Stop: 0.04667 Target: 0.54 Risk: Reward of about 1:60; for me this is a must take trade. If the above trade is stopped out but fairly quickly rebounds and reclaims the previous range, wait for price to reclaim this area and look for the first retracement for a second opportunity to get long. For this second trade stops can be place below the new low. Never Trust. Verify. D.Y.O.R . Not Financial Advice, this is my trading journal. Always remember: Technical Analysis is not about being right, it's about increasing your odds. Be prepared to be wrong. Risk management is key . Capital preservation above all else.
Long
by TribeWriter666
14
EW Theory - Bullish trendingDescending (Top declining, bottom flat), bullish confirmation, impulse wave, followed by a three-wave-correction, before bullish trend resumes. Correction wave (C) may descend farther down but there appears to be strong support at the 0.618 ($200) range, potential down side to $164 range). Important next few days, tomorrow could be good buying opportunity if holds $200, if we descend past $200 could see a drop down. Could see bullish trend resume this week Wednesday or next. - Fib ratio to watch for before completion of Cycle wave (III) 100% (418.61), 123.6% ($489.41), 161.%% ($604), 200% ($718.60). - Fib ratio to watch for before the completion of WAVE ((III)), 161.8% (819.12) & 200% ($1001.49) Short term: Bullish Long term: Bullish Was inspired by the Elliott wave guy and am still learning the theory. Would love to hear any ideas, comments, suggestions. Not financial advice. I am not a licensed professional. Just a guy with a thing for charts.
NYSE:GMELong
by CapCTrades
2