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Correctivestructure

EW Analysis: Cable Can See More Weakness After A PullbackHello tradars! Today we will talk about Cable (GBPUSD) and its price action + wave structure from Elliott Wave perspective. Cable is turning south and it's pointing even lower after we noticed a bigger A-B-C corrective rally from March lows. So currently, after recent broken channel support line, we are tracking at least a three-wave A/1-B/2-C/3 decline that can send the price at least back to the 1.2250 support area. But, before that sell-off for wave C/3, we may see a temporary intraday recovery for wave "c" to complete an a-b-c, a higher degree expanded flat correction in wave B/2, where ideal resistance would be at that trendline connected from March lows, 61,8% Fibonacci retracement and 1.30 - 1.32 zone. We will expect more weakness for GBPUSD as long as it's trading below 1.3488 invalidation level. It is worth reporting that the UK Prime Minister Boris Johnson will hold talks with the European Commission President Ursula von der Leyen agreed in a phone call on Saturday to step up negotiations on a post-Brexit deal. Given the lack of progress in the ninth round of Brexit negotiations, the efforts to close gaps extended some support to the British pound. However, it might be only a temporary support and recovery ahead of important October 15 deadline for Brexit deal . All that being said, wave structures and upcoming news match nicely, so timing can be perfect. Be humble and trade smart! If you like what we do, then please like and share the idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
by ew-forecast
6
EW Analysis: GOLD Is Just In A Higher Degree Corrective PhaseHello traders! Today we will talk about GOLD and its price action + wave structure from Elliott Wave perspective. Well, GOLD was sideways with a slow price action for the last couple of weeks, which we see it as part of a bearish triangle formation in wave B. However, we know that triangles cannot occur in wave 2 and this is the main reason why we think that GOLD is just in a higher degree A-B-C correction, where we are currently tracking the final wave C that can send the price down to projected support zone between 1820 - 1765 area. Later then, once an A-B-C correction fully unfolds, we will probably see price price confirmation with strong and impulsive rebound, which will give us signal for a completed corrective decline, but until then, we have to expect more weakness. Be humble and trade smart! If you like what we do, then please like and share the idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
OANDA:XAUUSD
by ew-forecast
2
COMP and his running flat ambitionsGood morning Traders This is my primary count for COMP. Seeing this entire corrective move as a larger wave 2 after an explosive W1 from $33 to $373 on Uniswap back in June. Ultimately looking for much higher as the DeFi space grows in a bull market but targeting $305-$311 for now before a final 0.618 retracement to complete a potential running flat to complete wave 2 before the next leg up (or an expanded flat if the final corrective wave ends up being a deeper retracement).
by Piggy_Profit
4
EW Analysis: GBPAUD In The Corrective PhaseHello traders! GBPAUD is clearly bearish, as we see a sharp fall in impulsive price activity down from 2.085 high. We are tracking a so-called impulse, a move that is structured by five waves, where two of them are corrections. Now, we are tracking a wave 4 correction which started at 1.768 level, and it can climb a little higher as corrections are made by three waves a-b-c, before pair can look for strong resistance and a bearish resumption into a wave 5. "A wave 4 correction can unfold as a simple zig-zag, which seems to be the best possible scenario, unless it turns out to be a flat, a triangle, or a more complex w-x-y move." Resistance for a wave 4 correction can be at Fib. Ratio of 38.2 that comes in at 1.88/1.90 level, so watch that area as a potential resistance, especially around the previous wave "i" swing low a lesser degree. As such, there is room for slightly more upside before downtrend may resume. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Education
by ew-forecast