ElliottWaveBelgium

ElliottWaveBelgium Updated 

As expected price is coming down here We're having a 3 waves correction here, with wave (b) playing out as a triangle, which means we are seeing the last move lower ! Will be looking for support at 8500 then 8000 but we could see a small drop below 8000 to around 7900 / 7807 just to frustrate bulls which would be the ideal point of entry for me. As long as...

ElliottWaveBelgium Updated 

Looks like we're having a 3 waves correction here, currently in wave (b) playing out as a triangle, which means we should see a ONE last move lower down to, idealy, ~8500$. We could go a bit lower but as long as we remain above 7300, bullish bias remains intact. If we go below invalidation level, we might need to consider the bigger correction as a potential...

ElliottWaveBelgium Updated 

We can see a Flat correction playing out that could have topped at 6930. If we see price go down now and break below the middle channel line followed by waves (iv) low, we can consider the top is in place. The problem here is we don't have clear divergence between wave (iii) and (v) of red wave C, which is normally the case when an impulsive wave comes to an...

ElliottWaveBelgium Updated 

S&P500 - Looks like we could go higher here but we first neeed to go above 3050. Next levels of interest are 3060 and 3080 as termination point of pink wave 5 of orange wave iii. This view is also encouraged by the FED rate cut coming up in 1hour as lower rates are bullish for stocks. Bigger picture :

ElliottWaveBelgium Updated 

We can count 5 waves up now for potential wave 3. Following soon will be a wave 4 consolidation followed by a continuation higher as wave 5. Because wave 2 was a ZigZag, we can assume this wave 4 to be a Flat or a triangle making just a shallow retracement of wave 3. So, I recommend taking at least partial profits. Because waves 4 are so tricky it's not a good...

ElliottWaveBelgium Updated 

Gold - Made a perfect sharp reversal at expected resistance zone. This could be the start of wave C lower maybe, in which case we'll need to look for 1473, 100% projection of wave A or lower at 1445 as the 161.8% projection. For now though, we're still in this ugly correction and there are many ways how this could play out this week. WXY, Flat, big w4...

ElliottWaveBelgium Updated 

We reached the 161.8% Fib projection level which is the ideal termination point for wave 3. We could go down to 18.90 but in any case, we should start to see price slow down and find support. So, start to reduce your short positions! I expect the following move to be a wave 4, which are very tricky and take quite some time to finish. If we start to see a sharp...

ElliottWaveBelgium Updated 

Bitcoin - Price stopped and reversed exactly at the expected Fib cluster zone at the ideal time ratio for wave 2, the 61.8% level ! Other bullish signs are the push above the 200 MA (black), the fact that price bounced of the middle channel line and broke through the upper line. Bullish divergence in RSI, confirmed by MACD where we have a cross-over and a clean...

ElliottWaveBelgium Updated 

USDCHF - Is now at important resistance. Bearish divergence on the RSI and MACD indicates we'll see it go lower but for how much ? If we see a 3 waves move down to around half of current rise, we will need to consider option 3. If price goes sharply lower and doesn't seem to stop it's probably Option 2. If price goes down in 3 waves but makes a new low, it's...

ElliottWaveBelgium Updated 

EURUSD - We're in a wave (iv) correction for now and either we're in a simple ABC correction(doubt) which should find support around 1.1150 - 1.1108 or we're still in wave b playing out as a Flat. Remeber that waves 4 are very tricky as they can take any corrective shape, so, be carefull when buying and do not expose yourself to too much risk!

ElliottWaveBelgium Updated 

Elliott Wave count suggests we'll see price go up for a wave 3 or C in impulsive fashion up to 2.53 at first. Notice that we also have bullish divergence and a classic (potential) Head and Shoulder pattern, but this needs a push above the neck line to confirm which limits the profit potential. We can use a break above the blue channel line as an indication that...

ElliottWaveBelgium Updated 

We might have finished this ending diagonal at 1.4417 and have seen the first 5 wave move of a new bullish trend that should continue higher from around the 50-61.8% retracement levels if the count is correct. But the chance remains we are still in wave 4 of this diagonal here and so we need to expect one more new low to around 1.4350 before we rally higher. So,...

ElliottWaveBelgium Updated 

For now price seems to be making a 3 wave correction and is at resistance around the 61.8% retracement level of previous bearish impulse wave and the upper channel line. A clear break above this resistance zone, favors the bulls and we then need to look at current resistance becoming futur support from where price can rally after it pulls back. If on the other...

ElliottWaveBelgium Updated 

We have been in a bull trend since June '19 and it's now making an Ending Diagonal, that as the name suggests, appears at the end of a trend. A potential termination point is the Fib cluster zone marked by the yellow box but it can also come to an end even at current level! A good sign of a sustained reversal will be if price breaks below the wave (2) and (4)...

ElliottWaveBelgium Updated 

We could be in a 3 waves zigzag here, currently in wave (B) which is near it's ending point. So, if NFP comes higher than what is expected, we could see a new rally in the dollar taking this higher. If on the other hand we see it come out below expectations and Powell takes a dovish tone later today, the dollar will then get destroyed!

ElliottWaveBelgium Updated 

We might be in a bearish impulsive wave currently in wave 4. For this to stay valid, price needs to remain below 2593. Any move above that would increase the odds for bulls to take over. Here is previous post with a bullish bias

ElliottWaveBelgium Updated 

We are in a consolidation, currently in possible wave B of (4) and should soon see a push lower for wave C to around 133 before going back up again one more time for wave (5) before we see any deep retracement. Notice that waves 4 are tricky as they can take any form of corrective pattern, zigzag, triangle or flat. One more option is that wave 4 is in at 136 and...

ElliottWaveBelgium Updated 

When price breaks outside the base channel, it suggests an impulsive move is in play. The two zones marked in orange often act as resistance and support for subwave (i) and (ii) of larger degree red ((iii) which is perfectly the case here. Therefore, I'm expecting a continuation higher here to 6340 first followed by 6390. Invalidation level is 6200.