Hello traders, Back to you with another symmetrical projection. Looking to go short and catch that third downward wave on the bearish elliot wave. Just keeping an eye on a greater macro view. The fact that I am posting this doesn't mean I will be trading it. Any impulse to the upside above 0.7700 could invalidate the whole idea. So be careful on your ...
Oil has finished its second symmetrical uptrend (blue trend line) along with its 3rd symmetrical smaller trend (pink trend line) Expect it to retrace back to its .382 fib line as it did on the first leg up. Note that this trend has had some retracements already unlike its first leg up. Look to break the .238 first before committing to the .382. Target Price is ...
As BTC/USD recently passed an important resistance line, the next key level to watch is around 680 USD. Bitcoin likes symmetry and it likes fractals. I think the real rally will begin sometime end 2016/beginning 2017 until the half supply will show its effect and some major economic troubles will unfold, pushing BTC to new all time highs in early 2017.
Anticipating continued strength into the $1124-1134 zone for another daily swing short opportunity, once this zone is reached will look for failure/reversal on 2hr frame to execute. Risk above $1195 target would be December 2015 low offering the opportunity to to build into short position with exit objective around $990.
We seem to be mirroring the price action from the left side of the triangle. Potential rally incoming ! Watch the falling wedge. Best long entry at triangle bottom. Keep adding to your long if price bounces and breaks out of the falling wedge. Tight initial stop loss. If price fails to break out of the wedge take profit / get out at breakeven.
Current EURUSD seems oversold for the moment... It still can go much lower, and when you look at the WEEK chart, you pretty much deduce that this downward trend is just the beginning of a much larger move. Whether, this will be the year of 1.20 euro is debatable, but we might get to 1.28 sooner than later.
With an eye towards symmetry, harmonics and scale how about this very-long-term outlook for SPX. If what I think is wave 4 (starting now) bottoms around 1700 and a new advance begins we might see the top at around 2340 by around the end of 2016. Of course you can all send me a winning lottery ticket if it happens. < :-) What's on your mind?