If you're going to take a position for the week, short now.
Stop loss : 1.4660 or if you want something riskier, above last high at 1.4230
Take Profit : 1.4050
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In a Triangle, the waves always subdivide into 5 waves: A, B, C, D, & E.
Wave A never goes beyond the origin or point X.
Structure = 3-3-3-3-3
At least four of the five waves subdivide into a zigzag or a combination of zigzags.
Triangles do not have more than one complex subwave (only one Double or Triple).
One of the five waves can subdivide into an Impulse
In a...
I do advanced elliott wave analysis for the biggest banks and hedge funds in 3 different countries.
There's a lot of confusion on what a proper elliott wave count is for FX:AUDNZD and I see a lot of people making mistakes here. So here's what the big banks are using and I've written an explanation for each level that I have displayed.
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FX:GBPUSD
Graphical Elements : Bearish descending channel stretching back to 2015 July
Elliott Wave Structure : We're seeing a wave (5) ((3)) push down below fractal resistance at 1.4640
I specialize in Elliott Wave analysis for leading banks and hedge funds in 3 different countries.
I also run my own trading community that specialize in training successful...
I am just learning. With Elliott Waves we must break the B leg before we can call it a new wave. We never broke the 300 barrier and volume was fairly insubstantial. Not sure but I think we must retrace a bit more before a rush of buyers come in for the leg 1 of a new wave.
I am neutral for the time being. Nevertheless, I am going to take a trade near the 200...
Anticipate a downtrend 3rd wave to complete either at the most recent low or at 14.50. With this in mind we look to
Buy 3rd wave completion into the 4th wave extension (note: Stochastic RSI is currently out of sync for this)
TP1 - 15.00
TP2 - 15.39 (3.4 reward:risk)
50% retracement of the 3rd wave is 15.33 so sell levels for the 5th wave move lower are
Sell...
We couldn't break 300 and the reason is clear. Volume is low af.
If that was leg one of a new wave it was hella weak. Where are all the buyers at? Waiting or shorting.
The Eye of Sauron looks down upon us and forces us into the nether worlds of the 200 zone. When we reach that level buyers will rush like mad at those prices. then we get exhausted, but people...
To me the GBPJPY has been correcting it's huge move up, from Jan 2012 to June 2015 - The question is... is the correction over or do we need another zigzag and wave C. Right now I think a break of the first trend line and target the second one.
Oil is firmly in it's corrective phase following the rally we've seen since 11th Feb. This sell set up is a short term trade with a view to reverse the position for a longer term bull run higher.
To understand the context of this analysis (60 minute chart) please have a look at my previous Oil charts (daily charts) which have been linked below.
Short term...
Background
The chart above shows The developing bearish impulse in GBP/USD since summer 2015
W]ave (I) is labelled as a leading diagonal
Wave (II) is a short 3 wave correction which is to be expected after a leading diagonal.
Wave (III) is an extended wave which itself subdivides into 5 waves. Wave (III) also equals 1.618 wave (I)
Wave (IV) takes the form of a...
Figure recent AUD highs are the top of a 3rd wave. In addition we have RSI divergence so with that in mind sell set at 0.7545 with scope for moves into 0.7250
A TP at 0.7390 allows for 3.3:1 reward:risk
Higher into 0.7590 is a good place to look for a 3x reversal for break even or profits into 0.7750
SPX overthrew the top TL before reversing and also back-tested that TL before heading lower again (highlighted on the chart).
Right now, SPX is testing the lower TL and it is critical to watch the reaction here.
Normally, after an overthrow and back-test one would be tempted to go all out bearish, but this market has proved with the current rally off the lows...
It looks like the market chose the most confusing structure to confuse everyone looking for a turn and convince them that it will never come.
Right now it looks like a possible ending diagonal, so there might be a bit more to go (although the 5 can undershoot or overshoot), but basically the 5 can end any time from now up until the upper pink TL. The green line...
Well, the SPX headed lower and broke the 1 but also the (presumed) wave 2 level. Meaning that the red count was invalidated and we are working only with the pink one.
The current set-up is getting unclear again though since the market had a 3 wave decline and then bounced strongly. For the downside to be clear we would have needed an impulsive decline... So,...
Zooming in to the hourly chart, the (presumed) C wave looks to be in the final stages. The previously pointed impulsive decline was entirely retraced so it is very likely that it was part of (yet another) flat correction, which was likely a 4th wave.
So now we appear to be in the last 5th wave of the mentioned C wave. The big question now is if the 5th is already...
Bigger picture, the SPX looks like a flat off the lows, because the move to new lows (from red A to red B on the chart) looks to be only 3 waves because of the overlap. Therefore this huge rally off the lows is destined to be FULLY retraced, since it is likely a C wave, part of a correction.
The big question is when will that correction start, of course and for...
