A possible 1-2-3 bullish pattern with an inverted h&s breakout Target: 162% Fibonacci extension - wma200 week +90% Entry: breakout retest wma20w SL: week low position (week candle wick) -20% RRR: 4:1
Confluent Wave Analysis with price action and chart pattern trading setup: > The third wave correction after doubled zigzag ABC pattern forming a valid inverted head & shoulders pattern with barrier triangle ABCDE wave - with confirmation fake breakout D and E wave. > Entry at B-D downtrend line breakout / WMA50 week > Target 1 @ 161.8% Fibonanci extension...
BTCUSDT is trading in a ZIG-ZAG channeling formation, in which the actual price action is about to reverse from a micro A-B-C-D-E triangle to fill this parallel channel with the final bearish impulse wave.
We use Elliott Wave Theory to forecast future prices. as simple as the rules. i.e., if wave 4 exceeds wave 1, the counting is wrong, etc., it shall be recounted and changed. The main point is to get the forecast and project the main direction in which we may find opportunities for entries. It is impossible to predict perfect patterns or price points.
Our fundamental bias is bearish for the pair in the short-term. 2hrs ago we got an announcement that Japanese Finance Minister Suzuki and US Treasury Secretary Yellen likely discussed coordinating the currency intervention during bilateral talks. We expect that announcement to strengthen the JPY in the coming sessions. We expect the GBP/JPY pair to complete C wave...
EURJPY still in bullish mode to completes Wave A. Currently Wave 1/A of A still not completed. We would have to wait the ABC correction for Wave 2/B of Wave 1 to make a call But, our target is clear. Bullish.