Diminishing volume, actionary wave length, and converging trendlines here appear to be setting up for a minor dump. The ending diagonal that plays out is a good quick fire trade that can have great risk/reward, with an entry point close to the invalidation (100% of wave 3), and the stop loss just beyond.
Taking this would require calibrating to the exact prices...
One of the best ways to simplify the Elliott wave method is by using the channel guidelines. Here we can see the corrective channel on the initial pull back from its top has been broken significantly to the downside. This indicates that it is an impulse wave, rather than any corrective pattern. In other words, the advance at this degree is complete and it's now in...
The unconvincing structure of this correction overall has me wondering if it's not going to decline in 5 to make a flat. It's definitely possible. As shown with the channel slope, it's clearly a sideways pattern, but the current advance is unconvincing as the start of a 5th wave, or return to the larger degree upwards trend, certainly from an Elliott view.
It...
Here's one of the main Elliott founded reasons that lead me to think the 4th will require another low to complete.
The corrective channel was originally set from the top, plus the next 2 significant pivots (highlighted by the red arrows), which provide the slope and range of the correction. The blue channel is a clone of that, and seems to capture the angle of...
I've left my current analysis here for consistency across charts but want to highlight the approach towards both the lower parallel of the temp channel and the upper parallel of the corrective channel which could serve as resistance.
The grey dashed horizontal resistance line that was broken yesterday will likely give an idea of whether or not any pullback is...
Let me just pre-empt the possibility of that not being the 3 high, but in fact the end of the advance. These Elliott channels show the way, so it doesn't look like it's finished until the yellow channel is taken out.
Often, that could be with a break below before retesting it and being rejected by the lower parallel similar to the arrows. All of these lines...
I don't think so, but I could be wrong. I've left some thoughts and projections on the chart using the polyline. Maybe the last sell volume dump was the final flush out though so that makes me wonder - ultimately that's what this is, a guessing game, so this is my best guess.
While the oscillators indicate another low is likely, from this perspective here, this dip offers a great opportunity to accumulate some Dollar vs Yen. Of the majors this is still the best pair to hold longs.
The idea of an Elliott triangle is pure speculation at this point, but what is certainly indicative is that the macro trend is still up and these green...
Still plenty to keep bulls interested in maintaining the trend. There's a lot of selling needs to happen before BTC looks like its advance is complete.
The Elliott wave channel guidelines are some of the handiest tools in the box.
Here the final channel (2-4) is well broken, indicating the impulse is done and wave 2 is in progress, further evidenced in the break of the base channel below. Ideally this decline finds the red channel of the larger degree impulse of which this is proposed to be wave 2 of 5....
Gold looks to be forming subwave 3 of Primary degree wave 3 (blue) with a potential ending diagonal in progress for wave 5 of subwave 3. This could be confirmed at lower time frames.
On this scale, the macro count suggests plenty more upside for Gold, with upper targets around $3300.
However, as this appears to be a 5th wave extension, it's possible there are...
This is basically an elaborate way of saying "it's range bound"...
But there are some pattern analysis features worth drawing attention to for anyone interested in Elliott wave analysis. Time will tell if they play out as forecast.
Simple impulse wave count showing current price action forming the base of Intermediate wave 5 (the largest degree shown). If so, it would appear to be in the 5th wave of Minor wave 1, possibly completing around the 72.6-72.9K USD area.
This implies a pull back to around 50-61.8% of the length of Minor wave 1 to complete Minor wave 2. As always, prior pivots...
