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Elliottwaveforecasts

Evening Update: Did we top today?As an observer I would use word to describe the market over the last 2 weeks...Undecided. Much of what I track is coming into topping regions. It only stands to reason that the market will let loose soon and confirm my suspicions of lower before higher. From an Elliott Wave perspective I want to point out 2 patterns that should give those in the immediate bullish camp pause. These overlapping patterns (highlighted in green) can explained in traditional terms as sector rotation, but to an Elliotition, nothing is going to launch off of a pattern that looks like that. I would say today was boring...but when you're a seller of premium (like me)...today was somewhat of a payday. Let me explain briefly: I first opened a tranche of short 4100 Jan EOM calls when the ES was 3970. This was the area of the .618 retracement level of the most recent decline from 4180 to 3788. The market has moved against me since selling my first tranche. I sold a second tranche today at 4035 and received less premium. #BORINGEQUALSMONEY!!!! #LOWSTRESSTRADING I sure love selling something that I never owned, that even when I'm wrong, I still win. Best to all, Chris
CME_MINI:ES1!
by maikisch
4
silver is about to go downaccording to Elliot wave principle, silver just finished a WXY correction with a 5 wave as wave Y, which terminates at 23.514 and which is exactly 0.618% of the preceding wave and wave Y is just 0.628 points away from 22.912 as 1.618% of the projected wave W, expanded to wave X, where wave Y terminates @ 23.514 of the correction. and on the smaller degree, wave 5 of wave Y terminates at exactly 23.514 which is .618% of the net price action movement of wave 1&3 which indicates the completion of the fifth wave.
SShort
by felixgodwin
SP500 Short OpportunityHi traders, SP 500 is in a corrective cycle that started at the beginning of 2022. We do expect further down to end the WXY corrective structure. This will create new lows and it will break down the 3480 level. Considering that, we can take advantage of it by trading the end of B in the intermediate degree (blue) and riding the whole wave C before ending the corrective cycle WXY of wave 2 and starting the new bullish cycle. Short potential idea: Entry: 4144 SL: 4442 Target: 3210 Risk: max 2% of your account Always keep in mind that risk management is, at least, as important as the entry-level or the SL. Remember the quote “If you do not manage the risk, you will not have any risk to manage” The market is always repeating the same type of defined structures. There are only two main wave types: the motive wave and when the motive wave ends it starts a corrective wave. Within them, there are only 3 motive waves structures (Impulse, leading diagonal , and ending diagonal ) and 5 main types of corrective structures (ABC, WXY, Flats, triangle, WXYXZ (triple correction)) Learning them and being able to spot them in the price action graphs will completely change the way you trade as these structures will provide entry point areas, invalidation levels, and targets for the trade. Have a safe and profitable trading day Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it is only the explanation of what we are going to do and it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:SPX500USDShort
by TradingtheRightSide