melvinljw

melvinljw

Price action seems very sloppy, and have been making lower highs and higher lows. Suggesting price contraction. Currently we could still be in the midst of wave C of a triangle. (Looking for a ZZ that should take us near 1.322)

melvinljw Updated 

Hi Guys, SIlver looking to complete a ZZ deep retracement pullback as wave ii of 3. Looking for wave iii of 3 to unfold, so long as we holding above 14.22 swing low. Pattern invalidated if it swings below 14.22 low. Trade idea long : Entry : 14.31 Stop : 14.12 Target 1 : 15.15 (If its a C wave) Target 2 : 17.25 (If its a wave 3)

melvinljw

After completing the 5th and final up-wave. We have progress 5 impulsive waves downwards, followed by a sharp corrective pullback. This will likely draw in the retails, late longs. Warning: If this chart follows, we may be very well crashing towards 15500. This a freaking 10,000 point drop. Trade with caution.

melvinljw

Looks like we are ending wave 2/B of an upward correction. Current levels at 78,6% retracement and 100% projection of Wave A near 112.4 levels. We will expect wave 3/C to unfold, which should bring us back to 109.8 at least. Short : 112.4 SL : 113.4 TP : 109.8

melvinljw

Current structure we can count a 5-3 being completed to the upside. Wave 2 definitely looks like a Zig Zag, with a 5-3-5 structure, digging deep into the entire wave 1. (This is typical of wave 2) Buying at current levels will yield a very decent RR. Trade Idea : Long at 0.723 (Market) Stop loss, 5 pips below wave 1 swing low. 0.7197 Take profit 0.745 (TP 1)

melvinljw

Looking like the complex wave is about to end with serveral key fibo levels pointing to 0.9075 as a key level to watch. This area lines up with the 61.8% fibo retracement level from the first down move. This is tagged with a WXYXZ complex C wave correction that also hints at 0.9075 as a terminal point. Looking for wave 3/C to unflold pretty soon. This should at...

melvinljw

Manage to chance upon this massive EW chart pattern being played out on the weekly for EURCAD. Prices see to be forming a triangle C wave. We are currently selling off in wave (d) fashion. Elliot, fibo projection level for wave D (Equal length wave) to land near 1.445. This coincides with the upward sloping trend line drawn. We will target to short at spot,...

melvinljw

Nikkei 225 seem to have completed a 5 wave rally to the upside. Currently we could be working downwards as an ABC corrective ZZ downwards. Looking for wave C to unfold.

melvinljw

The long term Elliot wave pattern suggest that USDCAD may still have one more final move to the upside, as wave 5 unfolds. This can be seen with the breaking of the downtrend channel from 2016. Usually the target of wave 5 will rise above the end of wave 3, if not, the same level. Thus, USDCAD could be finding its way up to 1.46-1.47 handle for 2H18.

melvinljw

DXY looking to complete a full bullish implusive wave of 5 moves. Currently we are at wave 5. (looking for some form of exhaustion here). After which, we should be expecting some sort of corrective move to the downside, which would suggest USD weakness in 3/4Q 2018.

melvinljw

Looks like gold is forming a triangle/pennant on the dailies. Currently we are at wave C, expected to complete pretty soon, should 1275 region holds. Expect a retest of 1370 region for wave D. It should be a 3 wave (ABC pattern as well, or another triangle within, which is a possibility as well)

melvinljw Updated 

This pair seem to be on a tear. However we could see some near term top forming near 111 levels, as the move appear to be exhausting. (Wave 5 of 5 of 5) Some consolidation would be good. Looking for a first move back to the 38.2% entracement level near 108.5 area.

melvinljw

Looks like we are getting a complex correction for EURGBP. (Smells like we just completed an X wave) Expecting a Y wave. Shall see what plays out thereafter. Ultimately, we are looking for a move downwards after this complex correction finishes.

melvinljw

Looks like we got our confirmation of Long GBPUSD with the breakout of the ending diagonal channel. Going Long at 1.355. Trade Setup, Long : 1.355 Stop : 1.3465 TP 1: 1.397 TP 2 : TBC.

melvinljw

Following my identification of this as a bullish trend. We are in an expanded flat pattern, current C wave flush downwards. We begin counting wave 5 of 5 of C that is close to terminating, as what looks like an ending diagonal. the last wave downwards seem to be missing, as such will be expecting one more push down to perhaps to the low 1.35s. Currently pending long.

melvinljw

This pair has been giving me a hard time. Initially, I was looking for another wave downwards, but this pair seem to keep climbing. I re-looked at the charts and realize the trend could have turned from down to up. Current setup looks like an ABC expanded flat pattern. Current C wave to flush out the longs before it moves upwards towards 1.45 levels.

melvinljw

German DAX seems to be building a H&S top pattern. With the ECB poised to follow the Fed in ending their QE.. Is the party going to end ? Waiting for a break of the neckline seem to be the more prudent approach. Lets just wait and see.

melvinljw Updated 

After publishing a previous article on another pop higher. After grinding sideways for the past few weeks. It seemed that this complex correction of wave 2 of 5 is ending as a flat correction (3-3-5). We can count a 5 wave move down to the 1.226 handle. As such, I am expecting wave 3 of 5 to begin soon, which will probably take us to levels near 1.26