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Wavetheory

TSLAIf you saw my prior education post of why I trade post earnings, this is another perfect example. Leading right into earnings price was right between supply and demand zones. Earnings release rocketed the price right into supply and, not surprisingly, sold right off back down into a demand zone where we currently sit. My overall thought is leaning bearish here. Per my counts, the earnings release should have completed 5 waves up for C. Corrections can be tricky, but I think we can very possibly at least get a push up to 820 - 835 area. This will be an important one to watch as if it gets rejected there, I’ll lean to thinking it will be a wave (b) in this correction where I will look to enter a potential short position. My invalidation if I enter a short there will be a break above 886. Bigger picture, possible we are starting a 5 wave count down for an overall larger correction. My invalidation for this overall larger correction would be a break above all time high. Will have to wait and see but short term my next thing to watch is potential small short if we get price to retrace back to 830 area.
NASDAQ:TSLA
by PT_Marche
5
Is Bitcoin Headed to $1000 This Year? (Elliott Wave Analysis)The break down this month has necessitated a MAJOR change in my Elliott Wave count. While the long-term is still ultra-bullish, actually even MORE bullish with this new count, the intermediate term over the next few months is looking quite bearish. With a global liquidity crisis mounting people will need to sell ALL types of assets to be able to survive this coronavirus/liquidity crisis. As more people lose jobs and their investments depreciate people will desperately need dollars to stay afloat and pay bills. This includes people who hold cryptocurrencies. Crypto is NOT immune to a liquidity crisis. The FED will need to print A LOT more money before we can recover from this drought of dollar liquidity, it should happen by the end of the year though when the FED goes into full blown panic mode. In the meantime, until liquidity comes back into the market en masse, BTC will likely head towards $1000 by November. This is by no means a death sentence for BTC or cryptocurrency and will simply be the largest correction ever experienced. We will recover though, and it will be a testament to cryptocurrency's resilience. Zooming out to the largest count on the Half Yearly chart, I've had to change this count from a diametric to what is technically a neutral triangle. This new count comes directly from the S&P, where wave-C ended in 2011 and wave-D ended in 2018, and now we are forming wave-E. This is the only long-term count that really makes sense at this point so I've forced it onto this chart. Also, having wave-E start in 2018 is MUCH MORE BULLISH than my previous count. It means after around 2022 we should begin one of the strongest, most consistent bull runs in history on both BTC and the S&P! This is consistent with the macro fundamentals as fiat currency will become significantly weaker over the next 2 years as central bankers print money on maximum overdrive to get us out of this recession. Also this is consistent with other cryptocurrencies. If BTC drops ~80% from here I would suspect that the majority of cryptocurrencies will fall AT LEAST 80%, and many will make full recoveries as well. For reference, here is my count on the S&P (Note the similarities between BTC and the S&P counts!)
BNC:BLXShort
by Intuit
6
USDCHF: Wave alternation key in understanding current correctionIn wave analysis, the guideline of alternation warns to always expect a difference in the next expression of a similar wave. Although alternation does not say precisely what is going to happen, it gives valuable notice of what not to expect and is therefore useful to keep in mind when assessing future probabilities. So we can expect anyone on the corrections that Elliot identified. Even a triangle is possible. I would advise not taking a long position until price reaches an area suitable enough to start selling.
Short
by UnknownUnicorn5158708
Is Crypto Waiting for VanEck Bitcoin ETF Before Take-Off? (EW)Follow my twitter: @Intuit_Trading Neely-Elliott Wave is suggesting that BTCUSD is in wave-E of a contracting triangle with reverse alternation or wave-B of a new advance, and will remain in a neutral environment for the next 6 weeks. The EW time target aligns perfectly with the potential October 18th approval of the VanEck BTC ETF. This ETF in particular has a very high chance of approval because of one big reason - precedent. VanEck has brought to market many original complex financial exchange traded products - they're the good ol' boys. On a more fundamental basis, the VanEck ETF is the first one that is based on an OTC exchange index, rather than a retail exchange index. There is a lot of precedent for regulated OTC indexes, whereas there is absolutely no precedent for a retail crypto exchange index, which is the main reason why every previous ETF has been rejected. The SEC can't "prevent manipulation" (ie, manipulate the market themselves) on retail crypto exchanges, they can however do so on regulated OTC exchanges that compose the VanEck index. There is also precedent for ETFs composed of significantly more volatile assets than BTC. I think that by switching to an OTC index instead of a retail index, VanEck will have successfully courted the SEC into allowing this ETF to pass. However, until it's official the market will remain neutral. Also after the BTC ETF is approved, it will set a precedent and we will soon see ETFs for every other major crypto being released on the retail market. Neely River Theory suggests that the best way to play this market environment is to buy bull call option spreads, long DEC19 10000 calls and short DEC19 11000 calls. This bullish vertical spread strategy allows for safer profits to be generated while the market remains range bound with a slight upward bias. Roll into new calls if trade value goes up 60% or price goes above 12000, and exit if value goes down 20-30%. (Warning: Experimental)
COINBASE:BTCUSD
by Intuit