Bullish Wolf Wave PatternFormation:-First let market go below 17171, And revert back above 17200.
Go Long for minimum 500points.
Wavetheory
USDJPY - Bullish IdeaAs shown USDJPY has broken out of the bearish channel and showed and showed support with a bullish momentum with a double bottom and by jumping from the trend line of the bearish channel. Moving forward we can expect USDJPY to continue moving towards the target levels of 134.000, 137.000, and 140.900 with an invalidation level of this idea being at 127.996.
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XAUUSD - Short Term Bullish Momentum XAUUSD is currently showing signs of a short term bullish momentum. After showing a break of structure and reversing to the downside it looks like XAUUSD has met a nice level of support where it may continue showing bullish movement until it reaches around the 1900-1925 level where we should see a strong resistance.
After reaching the 1900-1925 level we should see a strong bearish movement. To further this bearish sentiment this level would also be the second wave of the Elliott Wave Theory which would be followed by the 3rd wave. The 3rd wave is usually regarded as the most volatile and impulsive wave of the EWT which would be a great place to enter.
The next form of support that can be seen after should be around the 1777.500 area.
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Bitcoin Weekly AnalysisIt’s the first week of March, let’s take a look at the Bitcoin chart to see what price action we might expect in the near term.
Let’s start Big Picture on the Weekly Time Frame. Taking the Primary trend from the December 2018 low to the recent Nov 2021 high, we can clearly see a 5 wave structure which meets the Elliott Wave definition of an Impulsive move. Note here that while Wave labelling on the price action alone can be somewhat subjective, the MACD 4C allows a much crisper visual wave definition. Of particular importance here is, using the MACD, we see a convergence between waves 1 & 3, indicating trend continuation likely, while divergence appears between waves 3 & 5, suggesting a change in market behaviour to come.
Supporting evidence is provided in the volume signature. We see Supply entering at the top of the structure, with diminishing demand. In sum, this makes a compelling argument for the nearing of the end of the larger movement, which is further confirmed as the price falls below the supply line. At this point, we can start to expect a reversal or a consolidation into a trading range. Note here that volume can be interpreted either in traditional columns or in wave form, which displays accumulative volume, thanks to David Weiss's Weiss Wave.
“Buying waves are followed by selling waves in a seesaw battle until one side gains the upper hand”. David H. Weis
Chart#1:
Once the price has broken down through the supply line, we can apply a Fibonacci retracement tool, based on the entire Impulsive move-up, to provide target levels we can expect to see during the retracement. Note here of interest how the price behaves at each level, often testing, retesting, and ultimately using either as support or resistance.
Looking at chart #2, we see the price has successfully retraced all of the key levels, right down to the 0.78. At this point, we see a change in behaviour, as the price breaks the trend line and consolidates. Further, on the Daily TimeFrame, we now have what I see as a 5 wave corrective structure. (Note; this can also conform to Elliot Wave’s 3-wave ABC correction, with an extended C wave for those who strictly adhere to Eliot Wave Principles). Of significance here is that we see a divergence between Waves Y & Z. In addition, ultra-high volume signatures are entering the market, indicating possible strong demand emerging.
Chart#2:
At this point, we can start to expect a more significant retrace of the corrective move. By inverting the Fib Retracement and applying it to the corrective move, our first initial target is 0.236, which is in the 28000 regions for BTC. In further support of this target, we have still to see a significant retest of the Low that Created the High of the prior Impulsive move, which would be Wave 4 (see Chart#3).
Ideally, for the continuation of the Trend, we would like to see this final Low breached by a sharp Impulsive move on high volume, with a retest and consolidation, turning this level into solid resistance before a continuation. In our Chart#3, Wave Y fulfils the criteria of a sharp impulsive move down, yet has still to significantly retest this area. A retest of Wave 4 Lows would be in the 29400 price region for BTC. So we have a strong case for further upside, but are we out of the woods yet? Let’s look closer on the Daily & 4 Hr.
Chart#3:
On Chart#4 we see Supply entering and price getting rejected at the high of Wave X. Until this price level is broken, we can’t confirm a change in structure. Within Wave Z we have an internal high, which preceded the ultimate low of 15473. This level has been breached, subsequenlty retested, allowing us to retest the broken trend line. Is there an argument for a further retest of this level? Certainly. To support this, we can apply the Volume Profile fixed range tool to the entire corrective move. We see here that the high volume at price level (Point of Control POC) or the highest level of liquidity is at the 20700 area. We know that price likes to move from one high liquidity zone to another, so there is a strong case for a return to this region. Of comfort to the Bulls is that price so far has remained above this level, indicating that the volume that entered the market was on balance mostly demand, as prices subsequently rose.
Chart#4:
Let’s now go to the 4hr to further inspect the most recent price action. We see here (Chart#5), we have divergence, and price has broken the trend line indicating we have a possible a change in behaviour (either a consolidation or reversal). We have retraced to the 0.236 fib, but this is yet to be retested to act as short-term resistance. We have seen a sharp, impulsive move down to be followed by choppy sideways action. This would suggest the down move is yet to be completed, and a further sharp wick down to the high liquidity 20600 - 21600 region is likely. Let's go further into the 1hr.,
Chart#5:
Zooming right in, looking at the corrective move from the recent 25300 highs, the argument for continued downside seems solid. We have yet to see divergence on the smaller time frames. We have yet to see a retest of either the recent high volume bar or the larger liquidity pool in the 20600 - 21600 region. On the other side, as mentioned, we have yet to see the 29000 region tested. At this point my bias would lean towards a sharp push down in price to the high liquidity zone, followed by an impulsive move up, trapping shorts, and a grind up to 29000.
If you enjoyed this analysis or would like me to analyse any of your crypto coins please contact me.
Thanks, Tom.
USDJPY CARRY TRADE UPDATEFrom a technical standpoint we can see both momentum and trend intensity (angle) increasing. The retests in USDJPY are becomming less frequent and not as deep. Chances of continuing to the fib extension area of 138 is extremely high.
Fundamentally the new BoJ gov nominee is known to be very DOVISH, Japanese yen should continue coming down to earth. Which makes the long term outlook of this pair rather difficult to analyze, however from a medium term a trip to the next fib zone should be expected
Bearish wave C in playThis is an update on the progress of this pair. USD is gaining strength (however short term) and hence we get the opportunity to go short with targets at the lower trendline. This risk is smaller as SL was tight
CADCHF high potential to reach lower pricesIf the Canadian banks do not create a big demand, it is very likely that the strength of the Canadian dollar will decrease compared to the franc, and we will see the fall of this chart in the coming hours.
CADCHF has been examined in different dimensions:
1- Strong supply and demand levels that I identify with my own indicator and system.
2- The structure of recently formed waves
3- Current market momentum
4- The structure of classical and price patterns
In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis.
In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram.
⚠️ Disclaimer:
This is a personal opinion and you are responsible for any trading decisions.
EURUSDEURUSD has been examined in different dimensions:
1- Strong supply and demand levels that I identify with my own indicator and system.
2- The structure of recently formed waves
3- Current market momentum
4- The structure of classical and price patterns
In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis.
In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram.
⚠️ Disclaimer:
This is a personal opinion and you are responsible for any trading decisions.
XAUUSD - Ascending Channel Breakout As Shown XAUUSD has broken out of its ascending channel and impulsed downward giving indication gold may be in a bearish trend now and the trend has reversed.
It seems we are in the first wave of the Elliot wave theory which is the impulse wave that is shown on the chart. We may see a further continuation or we will see a retrace to the key FIB levels of 61.8 (1922) or 78.6 (1939) before we see a continuation downward.
Either way we should wait for confirmation of the trend line breaking or confirmation of the key FIB levels showing signs of resistance. I marked this Idea to be Invalid around 1961 and the target levels to be around 1830 and 1777.
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UasCad 5 wave done now lets go for ABCWhat I see!
Looking for Impulse down.
UsdCad completed wave 1,2,3,4, & 5 now its waiting to move down to complete wave abc. Make sure you have your own rules on RR and follow them. This is just a trading idea to help you/ give better knowledge. If you have any question ask me in comments.
Learn & Earn!
Financial Wave. XRPOur priority scenario in XRP is confirmed by the rise in price. The potential target of wave 3 is at $0.42210, the cancellation level of this scenario is at $0.3928.
Bitcoin: Short-term Outlook Chart is pretty self explanatory, but as you can see, price broke above the downward trends resistance (red line), before reversing and using it as support. This is one of many signs of a reversal. We are currently testing new resistance (blue line), but given the momentum and breaking the downward terns, we should have enough buying to break above the current level being tested.
GBPUSD H4 Shark patternVideo shows my thought process as well as Confluences leading to the execution of a trade based on harmonics as well as the Beat the Market Maker Method #BTMM. It is a classical near-perfect Shark Pattern.
BTC is about to complete Expanding Flat before making Lower LowBTC is about to complete Expanding Flat before making Lower Low around 7150 - 9900 USD zone.
Dropping from this Daily imbalance range 26951-28138 USD
OXY - Great setup
NYSE:OXY - Elliott wave Analysis
Warren Buffet bought OXY in Q1,Q2 and Q3 of 2022. We can't all be Buffets but a a good setup might be in place right now.
A clear upward impulse wave starting in October 2020, with an extended third wave that reached its peak on May 31, 2022.
Since then, we have been witnessing a period of consolidation in the form of a retracement wave (4). The sideways movement of the price is characteristic of a triangle pattern.
Triangles are a slow and sideways movement that indicate a balance in the convictions between bulls and bears. They are only present in waves 4, B, and X, preceding the final wave of a sequence.
The eventual outcome of a triangle pattern is a wave 5 of the impulse sequence, also know as the post triangle thrust. The good part is that we can calculate this post triangle thrust.
In terms of Fibonacci retracements, the current retracement of 0.236 in wave 3 aligns with the second most common Fib retracement for wave 4.
It is important to note that triangle patterns can be difficult to trade. Why because in this case the triangle can take the form of a B wave at a larger degree than fall in wave C finishing the correction. than moving up in wave 5 of the larger impulse wave. This may not be relevant in the current situation, however, it is important to exercise caution and keep this in mind."
When they conclude though, they result is the post triangle thrust.
ConclusionGood upside potential at least to $74 level 13% increase from the current level. There is also another energy stock with the same wave count NYSE:PXD this time with a dividend yield of 11 %.
Legal Disclaimer: The information presented in this analysis is solely for informational purposes and does not serve as financial advice.
BNBUSDT 4H: Possible SHORT#BNBUSDT The market has the potential for an downtrend to 270$
Main target 270$
SL 315$
BTC Last impulse down before BULL Season startsBTC Last impulse down before BULL Season starts. Right now either Running Flat or Expanding Flat needs to complete before going down as last impulse. Feb 1st, FOMC meeting will trigger Crypto, Stock market down. Will need Short Set up for shorting. Will need lower time frame like in 4H Break of Structure (breaking last higher low). Then will need to the same break of structure in 15min time frame, wait price to enter up into the order block zone and/or order block candle to enter Short.
Financial Wave. BitcoinOur top option in Bitcoin is to continue up the small wave 5 to $22,339. A price drop below $20253 will cancel this scenario.
Nifty wave updateNifty Elliot Wave Analysis
Channel broke in todays session - Impulsive wave started
Yet previous swing high not broken
this is 2023 's first impulsive wave of market
USDJPY - Possible Head and ShoulderAs we can see USDJPY broke out of a bearish channel and showed support at a key fib area @61.8 showing that price may be ready to go up.
To further this bullish sentiment a possible head and shoulders seems to be forming within the pair was well.
This idea can be seen as being invalid around the 129.566 area.
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EURUSD - Double Top Bearish IdeaAs we can see in EURUSD a double top has formed and the structure of it has been broken indicating that the pair would like to push down.
Also upon retracing it rejected at a key Fib level 61.8. This is also a key level for the Elliott wave theory for wave 2 indicating we are in the formation of wave 3 which should be an impulse down furthering this bearish sentiment.
I see this set up being invalid around the 1.07150 area.
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NASDAQ Elliot Jan 4Leading diagonal ABCDE into and impulse wave 12345, buy here 10920 and TP on a 100$ move up, SL under (E)... posting quick, its about at the entry ;)
AUDUSD - Rising Wedge Bearish PotentialAs we can see AUDUSD formed a rising wedge and broke the structure of it pointing the pair to the downside. To further this bearish sentiment AUDUSD also rejected a key FIB level @78.6 after breaking structure and retracing.
Usually this is a great indication we may be in the 3rd wave of the Elliott Wave Theory which should be followed by a great impulse downward.
I set this idea to be invalid if price continues upward around 0.68750 with setting take profit at 0.66100 and 0.64656
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