Stoic-Trader

Stoic-Trader

Very noisy price action, which could lead us to different counts. On my primary count, we finished Wave 5 (green) on Aug 10th, and are now on Wave 4 (light blue) correction. The channel that started in April remains intact, with failed breakout attempts on both sides (purple circles). I expect one more leg up to test 0.87, but don´t see any trades to be taken...

Stoic-Trader

Price continued rising inside the same channel I drew in August. My primary count still considers that were looking at a larger correction, and are in the final stages of wave B (black), and expect wave C to start anytime soon. I don´t see any trades to be taken at this moment, and have a bearish bias.

Stoic-Trader

The low 109s support held nicely after further breakout attempts from bears, and the price skyrocketed to the mid 111s as expected in the last update. My primary scenario considers that we are in an impulsive movement, and currently forming wave 3 (light blue), with a target @ the mid 112s. I recommend taking triggers on LONG positions.

Stoic-Trader

The triangle mentioned in the last post wasn´t confirmed, and I´ve made a recount considering that the ending diagonal only finished on Sep 7th @ 157.26. I also drew an (approximate) middle trendline on the rising wedge that has been acting as support & resistance (light blue line). My new primary count considers that we are in the early stages of a correction,...

Stoic-Trader

The gray resistance around $75 I mentioned in my previous post was tested and held nicely. We have since began a corrective movement and my primary count considers that we are in the final stages of Wave B (light blue), in which case we should still have at least one more leg down. Further price action is needed to determine what type of flat we´re looking...

Stoic-Trader

The correction from 52900 is playing out nicely, right on target with my previous post. Buyers showed up at 40k support (purple circle), but I still believe we have one more leg down that could reach 37800 support (61,8% fib retraction & 100% ABC extension). If this price level is reached, and buyers react bringing price above 40k again, that´s my entry!

Stoic-Trader

48k resistance was reached and briefly broken, but bulls lost stamina and a correction is now in place. I expect at least a test of 40k support (50% retracement) before the uptrend resumes.

Stoic-Trader

My primary count suggests that we´re in the final stages of a strong uptrend. BUT, we don´t trade counts, we trade price action... so only LONG trades are valid for now. I expect 400 to be tested and act as a solid resistance.

Stoic-Trader

At this point we have enough waves up to consider that a MAJOR high is in place. Nevertheless, I´m not going to call a crash before I see very strong bearish price action. The uptrend as been VERY resilient, and I´d wait at least for some trendlines to be broken to consider taking shorts.

Stoic-Trader

The first yellow area triggered the beginning of a corrective pattern. Right now we could have a running flat finished for waves 1-2 (light blue), and I´ll start taking SHORT positions if price goes back to below 1.75. A regular flat for 1-2 (light blue) is also on the cards, if we see a quick bullish reaction back to 1.20.

Stoic-Trader

ORANGE CIRCLE: Wave 4 (light blue) seems to be completed with a false breakout and quick buyer reaction, throwing price action back into the channel. PURPLE CIRCLE: Green channel (shorter term) and Black channel (longer term) were both respected. My primary count considers that we have completed Waves 1-2 (green), and will have further upside and fresh new...

Stoic-Trader

The correction has been quite messy, so I´m focused on short-term movements right now. Expecting a pullback to the 1750 region, to catch LONG movements to 1830. No longer term targets for now...

Stoic-Trader

The 29k support I have been mentioning for the last 2 months held on strong, and bears finally gave up. Now I expect a test of strong resistance @ 48k. Ideally I´d like to see a pullback after the first test, back to 40k, which would give us great LONG opportunities.

Stoic-Trader

Sideways price action indicates that we still have a correction in place, and even though recent price action has been bullish, my primary count still considers that we have to wait for a Black Wave C as shown on the chart. Black Wave B could be ending as a regular flat (light blue A-B-C).

Stoic-Trader

Price action attempted a breakout from the wedge, but came right back down. So now, instead of a wedge we have a flag pattern... there could be new SHORT opportunities at the .858 area, but I´m sitting this one out for now.

Stoic-Trader

I´ve had once again to recount and we seem to have an ending diagonal in its final stages. But... I´m not betting against this uptrend unless 4260 is broken.

Stoic-Trader

Following up on my early July analysis... The region I marked as "Running flat rebound area" has proved to be a solid support region. Looking at the 2 possibilities I mentioned in my last post, if we have a running flat the correction could be over and we´d be looking at longs from here on. BUT... my primary count is still a regular flat, since we haven´t even...

Stoic-Trader

The uptrend is holding on strong, and I see targets around the 18000 region. Short term, I expect a pullback for blue wave 4, since we are in overbought RSI territory with some divergence.