epistemophiliac

epistemophiliac Updated 

In this analysis, we will delve into the oil market’s current state and explain why a significant reversal is imminent. Contracting Triangle Oil has been forming a contracting triangle since the beginning of May. The lead-up to the triangle was bearish, so statistically, the breakout should also be bearish. The upper extreme of the triangle is at $84.45, but...

epistemophiliac Updated 

Elliott Wave Count EURUSD appears to have finished wave E of the triangle down and has begun wave 1 up. Inside wave 1, we appear to be in wave 5 of a leading diagonal. Leading diagonals usually retrace most of their advance in wave 2, so after subminuette wave 5 completes, we should see a large retracement between 50-79%. This retracement will be the perfect...

epistemophiliac

After a double zigzag decline, t-note futures have begun wave 3 up. We should be approaching a small consolidation for micro wave 4, but after that, we should begin micro wave 5 up. Prices have bounced off of Ichimoku's Leading Span B, as shown: So this this may be a future area of support. We also have some fundamental optimism as speculators' expectations...

epistemophiliac

The wave count above is hardly orthodox. In fact, I've broken at least two different Elliott rules (wave 4 enters the price range of wave 1, and the expanding diagonal doesn't fully expand). I am, however, extremely confident based on the price action that the pattern matches what would be a textbook impulse. Why am I confident of this while breaking two rules? I...

epistemophiliac

It appears that t-note futures should be about done with their decline. We might see a jump higher on Sunday night at the open or we could continue to see a slight decline to the 79% Fibonacci retracement level. Either way, all of the requirements have been met for wave 2 down, so we should see a turnaround in price at any moment.

epistemophiliac

The euro appears to be entering wave 4 of minuscule degree. We should see a slight decline, mostly taking the form of sideways action, before the next push up for minuscule wave 5.

epistemophiliac

T-Note futures should see a little bit of sideways action for micro wave 4 and then another small push down for microwave 5. After that, prices should continue higher during minuette wave 3.

epistemophiliac

It appears that EURUSD has begun subminuette wave 3 of the next push up. Prices should continue higher until we have a clear count of 5 waves up. The next major resistance should be the Ichimoku Cloud on the 15m chart.

epistemophiliac

Bitcoin has bounced off the 79% Fibonacci retracement after declining as a double zigzag (XYZ). This push up should mark the beginning of minuette wave 3. Final conformation will occur when we can count 5 waves up. Bitcoin is currently above the Ichimoku Cloud on both the 5m and 15m charts, but faces resistance with the cloud on the 1h chart.

epistemophiliac

It appears that t-notes are beginning to exit the triangle formed over the last few days. This next push up will be minuette wave 5 of minute wave 3. A reasonable target for this push up is approximately 112'00'0, but the ultimate confirmation will be when we can count five waves up, regardless of the price reached. This count will be invalidated if prices move...

epistemophiliac

Since the end of minor wave 4, I can count five waves up and three down, implying that this most recent push up is subminuette wave 3. This wave up should be just one of many until the end of minor wave 5.

epistemophiliac

Crude oil has completed a clear count of five waves up, completing minor wave A. It should now be starting a decline that will make up wave B. While it is impossible to specify a shape or target for wave B with any certainty so early, statistically, B waves inside of zigzags usually form zigzags themselves and usually retrace at least 50% of wave A.

epistemophiliac

I can count five waves up and three down, stopping at the 62% Fibonacci retracement level. EURUSD should be starting the next wave up

epistemophiliac

T-Note futures should continue to decline in wave C until prices reach approximately the 110'01'0 (50% Fibonacci) level.

epistemophiliac

Bitcoin has met all of the retracement requirements for wave C down, but it could continue declining until it reaches the 62% retracement level at about $63,000. It might be too early to go long, but now is certainly too late to go short.

epistemophiliac

It appears that T-Note futures may be forming a zigzag for wave 2. If so, we should see one more push down before the next climb. Potential support lies between the 50% and 62% Fibonacci retracement levels.

epistemophiliac

I can clearly count five waves up, implying that wave A should be about finished. Prices also seemed to have stalled at the resistance caused by the end of minor wave B at the previous zigzag of wave D (red resistance line). The next wave down should be wave B of a zigzag for which the 50% Fibonacci retracement level is a reasonable target but by no means the only...

epistemophiliac

Corn appears to have formed an expanded flat for wave B of 5 and has begun wave C of 5. Prices should continue to rise until we can count five waves up in wave C.