GBPUSD short-term Elliott Wave analysis suggests that the rally from 8/15/2018 low at 1.2660 to 1.3042 high ended red wave 1. The internals of that rally higher took place in 3 wave corrective sequence i.e double three thus suggesting that the pair can be doing a Leading diagonal structure. Up from 1.2660 low, the initial rally to 1.2935 high ended black wave ...
We have a pattern of 5 complete waves, which in turn form wave 1 of greater degree, now we are in correction a-b,
once the c wave is finished, ideally in 78.6 a perfect Cypher pattern will be formed that will give us a more confirmed entry for wave 2 of greater degree..
also we have 2 magnets in 78.6 level that must be closed
We have been desgrandando waves from monthly, we see that it is a bullish pair in all temporalities ..
we have a final harmonic pattern that gives us the entrance to purchase in a very beautiful confluence of several fibonaci !!
As we can see almost all the alternate coins are showing exactly the same pattern after the starting of Bitcoin's downward trend since May. Again Gas is showing the same thing here- the same falling wedge pattern- and seems it is going to start its rally if it finished above the upper resistance line.
RSI showing a positive ourlook and volume is expected to spike ...
In this 1 hour Elliott Wave Analysis we will have a look at AUDUSD.
The pair ended cycle from 06/06/18 peak (0.7677) at the low of 06/21/18 (0.7344) in red wave A.
The internal structure of red wave A unfolded as 5 waves Elliott Wave Impulse. Where black wave ((i)) ended at 06/08/18 low (0.75603). Up from there, it ended black wave ((ii)) ...
Bullish Butterfly Pattern
- A-B must touch 0.786, but cannot exceed X
- B-C touches 0.382, but sometimes goes further (does not exceed A)
- ABCD formation. D has to reach outside X and touch 1.272 or 1.618
- First TP at 0.618 (Fibo D-A)
- Second TP at 0.382 (Fibo D-A)
- Third TP back to where it all started at top
We can see an ABCD pattern been ...
After the trend reversed, BTC prices are moving along the expected price pathway. In the short term the EMA (5) and EMA (15) lines are likely to be golden cross(as in the previous pattern), so the BTC price will move as orange line that shown in the chart. And as expected, the price will be reached at 'd' point soon.
Now the important thing is price behavior ...
Last few hours, Qtum has made a very impressive move. A noticeable volume spike was observed and it dramatically changed the trend. It seems that Qtum has successfully completed a long wedge pattern.
On the chart, the volume spike is appeared at the end of wedge, and it successfully breached the downtrend. The MACD is dramatically curved up and shows a positive ...
ABC correction seems to have finished and first impulse wave has now been completed. Based on first impulse wave we can now get some targets going for waves 2/3. Based on these targets waves 4/5 can be roughly estimated also.
To get Resistance support levels (purple lines) : Used Fib retracement from previous rally up to ATH
To get Elliot wave wave targets: Used ...
BTC price rebounded from $ 8400 points. I had expected a similar decline in the last posting 'Ongoing Flat correction', but actually it was steeper and stronger than I thought (the price plunge of altcoins).
I observed ‘truncation’ in the red box shown on the chart. This means a change of trend, and the possibility of starting a new elliott impulse. So I think ...
At left side ABC pattern was completed which gave us that Elliott Impulse for completion at top, now we got a Double Top with 2618 setup
- double top
- measure impulse
- retracement at 0.618
- TP at -0.27 and -0.618
Double Top + 0.618 = 2618
I expect price to be bearish at this point.
Good Trading. -Daily Chart
Confirmations for Elliott Impulse:
- 5 clear points
- 1 and 4 at same price (0.618)
- each retracement was confirmed with Trend-Based Fib Extension
Now after an Elliott impulse, there's always some type of consolidation, which is what we got with this bearish breakout.
I measured bearish breakout by placing 0.236 right below and we can see how it went straight ...