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Wave2correction

Look Out Below Market Trends Up This WeekWorking on very preliminary theories of where we could be based on the movement so far. Check out my last analysis from a month ago to see why I thought we were due a major market correction. Theory has us in: Supercycle 2, Cycle wave 1, Primary wave 1, Intermediate wave 2. Assuming we are in the very early stages of a large macro level wave 1 down (Cycle 1), we are likely inside the first wave (Primary 1) of that movement. We may have just completed Intermediate wave 1 down, however, the pace was so fast it may still be early in Intermediate wave 1. The wave 3 reversal indicators signaled much more than normal which means they all called the end of the impulse waves correctly, or the first group in the currently marked Minor wave 1 was inaccurate. As it is laid out now, Minor wave 2 retraced around 50% of wave 1's drop. Wave 3 extended nearly 161% of wave 1's movement. Wave 4 retraced nearly all of wave 2's movement and wave 5 extended nearly 261% of wave 3's movement. These are all close to Fibonacci movements commonly used for identifying reversals. Although Minor wave 3 as marked is short at just 12 bars long, wave 5 was 11 bars long (as marked) maintaining a wave principle on 3's length. There is enough here to consider Intermediate wave 1's movement complete. Confirmation of this theory should occur if Intermediate wave 2 sees general upward movement over the next week. Intermediate wave 1 currently measures 82 bars. 38.2% of this length is 31.324 bars, so I have rounded up to 32 bars for a premature potential length of Intermediate wave 2. As far as real world catalysts, the primary earth mover is likely in the Middle East. The world is bracing for a coordinated Iranian strike against Israel. A few articles today mentioned the Tisha B'Av which takes place on August 12-13 as a potential retaliation date. This would begin around bar 33 for Intermediate wave 2. IF we truly are in the early stages of a wave 2, a third wave with a simple common wave extension of 161.8% would place a low at 4731.93. The next normal wave 3 retracement at 261.8% would put a low at 4150. IF we are truly in a longer term major bearish cycle, 4150-4731 is a normal move here. A catalyst to get the market there could be significant unrest in the Middle East capable of not only disrupting energy supply, but shipping, manufacturing, and elevated geopolitical tensions.
OANDA:SPX500USDShort
by StockSignaler
Relaxo Industries | Elliott Wave Counts #Elliott #Wave #Analysis of #Relaxo Industries Ltd.: I hope this message finds you well. I would like to share with you a technical analysis of Relaxo Industries, shedding light on recent market movements and potential future trends. Please note that I am not a SEBI registered analyst, and it is advisable to consult with a certified financial professional for any investment decisions. Analysis of Relaxo Industries: Relaxo Industries reached its all-time high (ATH) at Rs. 1440.45 in November 2021, completing its minor degree wave 1. Subsequently, the price has been retracing for its wave 2 correction, finding support near the 50% retracement zone. This retracement appears to be a valid move for wave 2, and current counts suggest that wave 2 has completed. Furthermore, the analysis indicates that we have concluded wave (i) of minute degree and are presently in wave 2 of minute degree within the minor degree wave 3. This suggests a potential continuation of the bullish trend. It is essential to monitor the price action closely, as this analysis will be invalidated if the price drops below the Rs. 750 level. Caution and diligence are always paramount in the dynamic landscape of the stock market. Please remember that this analysis is based on technical indicators and patterns, and there are inherent risks associated with trading and investing. The future performance of Relaxo Industries may vary, and it's crucial to stay informed and seek advice from qualified financial professionals.
NSE:RELAXO
by imkhushal
DXY . BE CAREFUL shorting stocks.Hello everyone, I just wanted to share what I'm seeing on the relative strength of the dollar. I outlined a possible completion of wave 1, which is very near Imho. I would be very careful shorting stocks. If you're a swing or long term trader. I believe the best time to short this market is when wave 2 is completed. For now I would be very cautious. Too many people calling for a market top. The sentiment I read is one of disbelieve, not optimism or euphoria. Yes the market has been volatile lately but to me is just setting up for a massive move up, bringing the market to a euphoric state. This is only my opinion and should not be taking as financial advice. Cheers and good luck.
TVC:DXYShort
by FreedomBuilder
EURUSD Bearish Count Roadmap Short-term.My corrected count as I was bullish in the previous one and failed now adjusted and this is what are the 2 scenarios if we correct into the zone as b or 2 the below are the targets and retracement levels to manage profit taking and position for educational purposes only not a trading advice do your own ta thanks. Buy setup till sell zone or waiting patiently would be much better as the major trend is just resuming and we may see 3 or c or y so counter trend trading is a choice.
by alibadshah88
1
Tesla Returns to $50. No Pain, No Gain!Since 2019, Tesla has enjoyed a 1993% increase in value (from $44 to $900) thanks to Elon's cult following and an undeniably great line of products. While well deserved, the Tesla train has just completed is 5th Wave of Primary Wave 1. With Tesla euphoria at an all-time high, Wave 2 has quietly begun to initiate its sharp push downward. In anticipation of the likely zig-zag (535/ABC) correction, we can begin to calculate a potential target for the end of Wave 2. As many of you know, the formation of a zig-zag develops as 5(A) waves down (in this case), 3(B) waves up and another 5(C) waves down (typically of the same length as Wave A). With a tentative calculation of Wave A reaching the $150-$175 zone, that equates to roughly a $700 drop from the $900 ATH range. Considering price action's wide view outlook, it can be presumed that B (3 waves up) makes a return to $725-$750. From this range we can subtract the length of Wave A (roughly $700) and find a target around the range of $30-$50. This price range also equates to 1.618 of A (another common target for C wave; with 100% of A and 1.618 of A landing in the same zone, we can become a bit more confident in the assumption). $30 - $50 would also be in the range of both 0.50 and 0.618 Fibonacci targets, also common zones for Wave 2 to come to an end.* *Fibonacci targets based on the run from $3 to the $900 range (Wave 1).* Based on these findings, I believe Tesla's stock price will go under $150 in the first half on 2022 and then under $60 in 2023-2024; price targets we will likely never see again post correction.
NASDAQ:TSLAShort
by DigitalSurfTrading
24