TRIPPLE CORRECTION : ELLIOTT WAVE THEORY (ELLIOTT BABA)
Double Correction
- Basic formation ABC
- Wave X can correct ABC to 82% but some time extended till 127-138%
- Idley wave Y must end at parallel line of O-X trendline
- O-X trendline must be retraced in half time of wave Y
We are in a change of trend on GBPUSD, the price has been in a corrective phase as a double correction pattern. The correction is currently over we can expect some potential impulse moves to occur on the bearish direction.
Double Combination Correction:
1. Flat with wave-A double B/C failure retraced < 0.382 of its small wave-a
2. Triangle breakout BB baseline correction but before the final correction formation completed with wave-e in triangle.
The BB baseline is broken with a potential wave-d false breakout - possible upcoming wave-e retesting the BB-line at the triangle...
Short Term Elliott Wave view suggests Gold ended wave 1 rally at 2081.82. Pullback in wave 2 is in progress as a double three Elliott Wave structure. Down from wave 1, wave (a) ended at 2030.21 and rally in wave (b) ended at 2059.56. Wave (c) lower ended at 1999.30 which completed wave ((w)). Wave (c) ended at the 100% – 123.6% Fibonacci extension of wave (a). We...
Gold Miners ETF (GDX) shows a bullish sequence from 9.26.2022 low favoring further upside. The 100% – 161.8% Fibonacci extension target from 9.26.2022 low comes at 38.3 – 45.7 area. Rally from there is unfolding as a nest where wave ((1)) ended at 33.34 and wave ((2)) pullback ended at 26.64. Wave ((3)) is in progress as another 5 waves in lesser degree. Up from...
TSLA Showing impulse Elliott Wave sequence as ((1)) higher started from 1/06/2023 low, which ended at $217.82 high on 2/16/2023. Below $217.82 high, it favors pullback in 7 or 11 swings correction in ((2)) against January low before upside resumes. It placed (W) of ((2)) at $163.91 low & (X) connector at $208 high on 3/31/2023. Below (X) high, it ended A of (Y) at...
Price is trading slightly bullish, but from a technical view, we are turning into a bearish bias as a double correction pattern.
Waves/ legs (W) and (X) have occurred we have to look at how wave (Y) unfolds but it can be any corrective pattern. We can look for bearish trades at the current price or wait for the first leg of the correction pattern and trade the...
USDCAD is trading in a short term downtrend as a double correction W-X-Y. Wave Y will most likely form a zigzag correction pattern. We can use wave W's distance to measure wave Y target. The USDCAD is trading in a series of 1-2 1-2's so price is currently trading in a wave 2 phase.
For a while, we have been in a corrective state on AUDCAD and recently price is turning back up in an impulse move. Chances are we will continue moving in the same direction.
It can observed from the chart of Dow Jones Industrial Average Index we are in the mid of the correction happening right now.
The Elliott wave sequence are as mentioned below:
1. We made an internal WXY in miner degree.
2. We have completed W-X wave of higher degree WXY.
3. We are in Y leg of the higher degree WXY.
4. Out 3 wave of Y leg we have completed A...
The EURGBP is still maintaining the downside direction. We are trading in a Double zig-zag correction pattern. But we must see the (X) wave initially make a minor zigzag correction in the upside direction. The upside correction might not be very deep it might not even reach the 61,8 Fibonacci level.
What you have to realize is that we had a similar pattern on...
The structure so far unfolding as per expected as per previous post. It seems like ended (3) of A and bouncing in (4), so expecting sideways move and one more low to end A of (y) red. Yet there is a possibility of larger sideways correction of (x) in case it invalidates the invalidation level doing double correction. But until it stays below invalidation, it...
