After initial strong bearish relief and the countering rally of the bulls, the market has been floating in a significant range also forming a symmetrical triangle.
Due to huge resistance and possible gaps in the still overall bullish trendline on 4h. A strong break and close below triangle walls could indicate further bearish relief but strong bullish diagonal...
Heres a video summary...
XPT has been giving me the eyes from across the bar all night... However, I am sitting on my hands patiently waiting for absolute confirmation before striking. These sensational charts are suggesting to me we are approaching a potential long term trend reversal!
Here are my confluent reasons why...
1. Falling wedge...
*Disclaimer - This analysis alone DOES NOT warrant a buy or sell trade immediately. Before you enter any trade in the financial market, it is very important that you have a proper trading plan and risk management approach.
The sharing of this idea is neither necessarily indicative of nor a guarantee of future performance or success.
Volatility looks good.
Volume looks good.
Wave/Triangle counts seem legit.
Candlestick patterns have bullish sentiment.
Good spot for a long position? I think so. ~300 pips to my forecasted 'Wave 5' target, which lands right on a low volume node.
Stop loss around 1.92838.
Take profit area shown on chart.
Many traders struggle with Elliott Wave analysis because they often try to label the charts without having a strong foundation on the principles of wave analysis.
It can be made easy with just a few simple steps:
1) Understand price movement - impulse vs correction
2) Discover the 3 main categories of pattern formation
3) Identify which pattern is forming and...
Price structure is showing a divergence with MACD, and also forming a diagonal pattern.
We are expecting the correction to unfold soon with a potential target at 1.5299 area.
*Disclaimer - This analysis alone DOES NOT warrant a buy or sell trade immediately. Before you enter any trade in the financial market, it is very important that you have a proper trading...
Elliott Wave Count: Flat Correction (3-3-5)
- Waves A and B of the Flat have completed.
- Wave C is an Ending Diagonal (*A very small percentage of diagonals appear in the C-wave position* | sequence 3-3-3-3-3)
Targeted "Top" of Wave C of Ending Diagonal Wave 4 of the Flat Correction near the .618 Fib @ $242.84
Beginning of descending...
Trading EWZ with options.
Calenders and Verticals in specific.
looking for a retrace so im open ended on the position to the down side.
Im long term Bullish.
Short term Bearish.
Also note, if retracement actually matures, it will leave a bearish formation producing resistance levels.
The market will have to fight back a little harder to bring back the current...
I've been a bit obsessed with diagonals lately, and noticed this lining up to a rejection of BTCUSD at 4408. This would align to this fake head & shoulders breakout, which would lead to a ton of longs being filled on completion of the H&S , and then immediate liquidation of longs on a selloff.
The only target bottom confluence I'm showing is 1237 with a timeline...
Echf is looking very corrective in nature. I looked at multiple things on different time frames and that zone has a lot of resistance within it. We had a smaller scale diagonal ending at the 1.618 extension which is typical for a wave 3, so if Echf breaks that top trend line, that would complete a diagonal of a larger degree. The point would be to catch a sell...
USD/SGD could be in a huge down trend, or it will correct and give us one more up to the .618 for last 3 wave move meaning we get a correction in the middle. watch the 200MA on 4hr/ 800MA on 1hr as a potential reaction point for larger corrective structure, or a flag to continue down.
The major Chinese stock index, shanghai Composite, is not as bearish you might think or you might heard it to be in the news. It has just broken out of a month long fallen wedge formation, which usually appears at the end of a major trend.
The break down yesterday provided great buying opportunities. Given the size of the fallen wedge pattern, it should be at...