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MATICUSDT | Wave Projection | 4-Wave Correction - Subwave B?Price action and chart pattern trading setup TFD - Elliott wave analysis > A possible 4-wave correction descending triangle with subwave B breakout expected to retraced 0.618 - 0.786 of subwave A scenario. > Entry @ breakout triangle after downtrend subwave c completely retraced > Target @ 5-wave upper resistance zone 1.618 wave 4 extension and 2.618 wave 1 extension + 30-40% > Risk reward ratio could be 3:1 Indicator: RSI bullish momentum Always trade with affordable risk and respect your stoploss
MLong
by dukeposh
KBANK | Elliott Wave - Wave 4 Support - Target Bull Pennant +30%Price action and chart pattern trading setup > Overall wave pattern moving in diagonal uptrend with a possible wave 4 triangle sideway. > Now making a strong pullback to triangle support could be E- wave of ABCDE pattern at EMA200W zone > Entry : A false triangle breakdown for a possible long entry between S1 and possible S2 > Target : bullish pennant at major wave 5 diagonal zone +30%. > Stop: Slightly below S2 -5% Always trade with affordable risk and respect your stoploss Good Luck
SET:KBANKLong
by dukeposh
ALMOST AT THE BOTTOM - (KADENA UPDATE ANALYSIS)Carrying on with our series of analysis on Kadena(KDA), our search for the bottom is nearing it's end hopefully. In our previous analysis we identified a falling wedge pattern that could signal a reversal to the upside for kda, however it failed to do any good. Analysis with updates shown below(refer for context); While we now have our buy region of $2 finally, are we bottomed out yet? Referring back to our original analysis shown below, we pointed out the $1-$0.9 region to try our luck for volatility for an alternate entry; This level is in line with the golden pocket. Other Ideas: Bringing us to this point in time. KDA has broken back into its channel up, and also a rising wedge in the process. Our volatility region falls in line with the bottom of the rising wedge structure and the golden pocket. If that were to break then we simply cannot rule out bottom of the channel as a possible price target where we also have strong horizontal support. Targets will be revised if needed depending on where price finds support. If you've benefitted from this series of analysis so far, I'm happy it was helpful. If you agree, pls like share and comment your thoughts below. As always, feed back is appreciated! Bitcoin will play a huge role in determining the outcome
by RektMyMom
6
BTCUSDTwe have to scenario 1 - start bullish impulse wave on 37400 2 - start bullish impulse wave on 28855 Scenario 1: The position is designed to accept that the fourth wave is over, and the second wave runs the fifth major wave, and if the price is maintained between 37,500 and 38,800, the position is activated and moves to the next ascending micro 3 wave. Scenario 2: If the price commensurate with the balance of supply and demand gives the sellers power and falls below 34,400, we have a second uptrend scenario in which the price of the 28855 critical line market improves and the fourth wave ends. We will expect a strong wave of upward motivation
by Marextrader
ETHUSD Update: 306 Resistance Can Lead To Triangle.ETHUSD Update: The 279 support was tested and held as price has bounced back up to 300 but this market looks poised for a minor consolidation with 306 being a tough resistance at the moment. I will begin with the wave count since it offers the best perspective on this situation. Elliot Wave can be very complex especially if you get too detail oriented with it. It is best used for a broader "road map" in my opinion which means the wave counts do not have to be perfect. With that being said, there are two scenarios I am watching for. The first is the the failed high off of the 306 resistance (.618 of broad bear swing). I interpret the failed high as the minor Wave 4 unfolding into a small triangle between 306 and 279 for a limited time (couple of days) before resuming the uptrend which can take this market into the 350 highs. The alternate scenario is that the current leg up is the minor Wave 5 that will complete the larger degree Wave 3 which will take this market into the 350s sooner. This scenario would be in play if the 315 high is taken out. Either way, the broader trend is still intact as long as price stays above the 263 support level. Remember that these evaluations are not predictions, they are interpretations based on price action. This includes observing wave counts that imply certain market conditions, chart patterns and price structures. These are clues that indicate which way the market is more likely to go. People expect all science, and forget that there is an art to this. In terms of trading, I am still interested in the 279 support. I am leaning toward the first scenario of going into a small triangle and trying to buy a retest of the low for a more attractive risk/reward. If I can buy in the low 280s and use the mid 250s as my stop, again using the 330s to 350s as a target, my RR is close to 2:1. If a breakout of 315 occurs instead, that is a buying opportunity also, it just carries more risk and is not exactly my style of trading. There are two ways to adjust though, buy smaller with a wide stop, or buy regular size with a stop just below 300. With a 330 to 350 target, your RR can be 1:1 or slightly better. In summary, this market is strong and I prefer to buy pullbacks. A failed high off the 306 resistance can put this market into a minor triangle which can retest the 279 area while a push beyond 315 signals a breakout and opens the door to the 350 area highs sooner. Both scenarios offer buying opportunities, it just depends on your style of managing the risk associated with each one. Questions and comments welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
26
ETHUSD Perspective And Levels: New Support For Longs?ETHUSD Update: Higher high established at 316 with a minor retrace unfolding. There is a nice motive wave formation that can provide clues as to how much further this market can go before a more significant retrace. I have been writing about the 250 to 280 resistance zone which this market pushed through without much hesitation taking it into the 306 to 349 zone which is the .618 of the recent bear swing (which I have written about in previous reports). Price finally peaked in this zone, but what is a reasonable expectation for the low of this retrace and a target for the next leg up? I am going to use Elliot Wave to answer this question. Before I get into the wave count, I need to highlight the support level at the 242 level (inversion). For those of you who follow my reports, you will recall that 242 was a major resistance that needed to be taken out in order to make new highs. In light of the recent bullish structure and momentum, this level is less likely to be reached anytime soon. The level just above this at 262 (.382 of recent bullish swing) is a more reasonable possibility. If price reaches 262 it would present one good area to look for reversals back up. From the Elliot Wave perspective, we are in a Wave 4 of a larger degree Wave 3. Wave 3's are never the shortest wave, and this recent upswing fits within that basic rule. Since this is a minor degree Wave 4, it is reasonable to expect a retracement of relative proportion. The 279 level (.382 of Wave 3 swing) presents a proportional level to look for a minor Wave 4 completion and start of 5. The Wave 5 of 3 can take this market into the higher part of the resistance zone in the 350s which would complete the larger degree Wave 3. Once this happens, we then face larger degree Wave 4 which is a broader corrective structure. The wave count is clearly bullish and I have been patiently waiting for an attractive level to enter. A market that grinds higher is a tough one for me because of the nature of my trading plan. Now that we are in a minor Wave 4, I am closely watching the 279 support for a reversal on a smaller time frame like an hourly. If I manage to get long there, my stop will be in the mid to low 250s. My target for this would be a new high into the 330s. That is risking about 25 points to make about 50, or 2:1 RR which is acceptable. In summary, the current retrace in this market can lead to a buying opportunity around the 279 level. Barring any fundamental surprises, the strength of this market should take price into the mid 300s upon the completion of the minor wave 4. Once the next leg up finds it's peak, the following corrective wave will be a much larger degree, so I would like to be out of the market before then. Comments and questions welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
23