This article is not financial advice. There is no guarantee that you will earn money using the techniques and ideas of my analysis.
Here's a quick look at my analysis of SLP/USD on a 1D chart. Using the Elliot wave, we can see here that wave 1 has formed a three soldier candlestick pattern which is a good sign of trend reversal. The First three candles bounced at the resistance area, followed by wave 2 and made new support. Assuming that the next bullish candlestick is the third wave, we can estimate a forecast with Fibonacci extension from wave 0 to 1 extending to wave 2 to plot wave 3 which is typically at 1.618 of the Fibonacci. We can see that it will coincide with the next resistance at the 0.1132 price level. To get wave 4, I plotted a Fibonacci retracement from wave 2 to 3 and marked wave 4 at 0.382 of the Fibonacci and it eventually ended at the current resistance level. Lastly, I got wave 5 by using again the Fibonacci extension from wave 0 to 3 extending to wave 4 and plotted wave 5 at 0.618 of the Fibonacci. I adjusted wave 5 to hit the resistance area which is also a strong resistance.
NOTICE: If the price falls below wave 2, consider all these as voided.
DISCLAIMER: This analysis does not guarantee to be accurate, complete or fit for this market, please do your own research before executing a trade.
Here's a quick look at my analysis of SLP/USD on a 1D chart. Using the Elliot wave, we can see here that wave 1 has formed a three soldier candlestick pattern which is a good sign of trend reversal. The First three candles bounced at the resistance area, followed by wave 2 and made new support. Assuming that the next bullish candlestick is the third wave, we can estimate a forecast with Fibonacci extension from wave 0 to 1 extending to wave 2 to plot wave 3 which is typically at 1.618 of the Fibonacci. We can see that it will coincide with the next resistance at the 0.1132 price level. To get wave 4, I plotted a Fibonacci retracement from wave 2 to 3 and marked wave 4 at 0.382 of the Fibonacci and it eventually ended at the current resistance level. Lastly, I got wave 5 by using again the Fibonacci extension from wave 0 to 3 extending to wave 4 and plotted wave 5 at 0.618 of the Fibonacci. I adjusted wave 5 to hit the resistance area which is also a strong resistance.
NOTICE: If the price falls below wave 2, consider all these as voided.
DISCLAIMER: This analysis does not guarantee to be accurate, complete or fit for this market, please do your own research before executing a trade.