Elliott Wave theory is one of the most accepted and widely used forms of technical analysis. It describes the natural rhythm of crowd psychology in the market, which manifests itself in waves. The essence of Elliott waves is that prices alternate between impulsive phases that establish the trend and corrective phases that retrace the trend. In their most basic and straightforward form, impulses contain 5 lower degree waves and corrections contain 3 lower degree waves.
Elliott Wave is fractal and the underlying pattern remains constant. The 5 + 3 waves define a complete cycle. They can form different patterns such as ending diagonals, expanded flats, zigzag corrections and triangles. Fifteen different degrees of waves can be identified with each of the 5 smart drawing tools, allowing users to visually identify different degrees of waves on a chart. The key to trading Elliott waves successfully is counting them correctly for which there are rules and guidelines.
H1 we got 5 up in a internal H4 B wave with bearish divergence and a impulse down breaking the TL. Wait for the flag or correction to form, then look for your sell setup.
Checkout my H4 idea to see my longer term analysis thanks.
D1 Update. Idea, Check it out thanks to get up to speed on my...
Forex Trading & Wave Analysis is all what we do here at “We Trade WAVES” TradingView profile.
We are looking for a down move on GBPJPY, we will ignore any up move and we will be focussing on our sell setups.
Our Weekly FOREX Forecast is published every single week on YouTube to help you be on the right side of the trade and on what could be the next move in the...
M15 We have 3 down with no bull divergence and a nice correction forming, looking to scalp the Z down to the inverse 123.6fib 1st TP.
Here's a look at the H1 for the 1st & 2nd TP's
Good luck and trade safe!
If you like this idea hit the thumbs up to show your appreciation for this free analysis, You seen these counts and...
In my last M30 idea I had the possibility of the running flat as my ALT count, I looks like this scenario is how price wants to play our. see pic.
H1 We can wait for a bear flag or correction for the scalp down to the 100fib. We will have to watch that area for the possible turning point for the larger C wave up completing...
Part of my ongoing analysis of Bitcoin moves (see links below).
As mentioned in previous plots, 9k was going to be tough.
Also as mentioned, there was a stop hunt above that zone.
The 9.2k peak was logical buffer for shorts to keep their SL.
Interestingly, we did not get a "short squeeze" spike.
Which could mean bears are riding shorts without stops.
Or it...
H1 looking very corrective and taking some time to play out from my last H1 idea. My view hasn't changed from that idea, if anything the price action is giving more confidence a strong impulse down is not that far away. Look for your sell setups and don't miss it!
My last H1 gold H1 Caution!! idea, check it out. It pays to be patient!...
BITSTAMP:XRPUSD
This is an update of my previous Elliott Wave Count on XRP, , where I was assuming that the rise from the $0.1750 lows was a wave 4, it was clearly not. So here is the new updated version:
The XRP-USD pair has been in a long-term Bear Market ever since the beginning of...
Eliott wave count from the current top at 9170 is pretty predictable - now we have two scenarios:
1) We have finished 4th wave and we will see drop towards 8270 -8170 zone very soon.
2) Price will go up now, above 8750, we will finish ABC correction and then we will drop to 8270-8170.
Both scenarios have same outcomes - once last drop to finish 5th wave.
Hello Traders
My forecast is an up impulse to the trendline for the completion of the correction. What we have after the last bottom can be a reversal pattern. That's why I've placed a pending order. The only issue I have here is the correction between the blue lines since it's a contracting flat. This means it can come down one more time for a regular flat and...
The Australian and New Zealand dollars crept up slightly, although gains were capped as investors look to Australian jobs data due on Thursday for a crucial clue to the next move for Australian interest rates.
I still believe we're going to 1.0850 as I explained in my previous posts, However.....
for today, we have a 50-60 point to catch on a correction, or probably a new count if I was wrong...so either way, it will work for the longs favor today
Whether it was an ABC and the trend is UP, or the trend is down and that was 1-2-3, either way we're going up from here at...
Gold has been in the GREEN in Jan for the past 6 years. Will it be any different this time?
Time to go short in Feb ?
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Hi guys..
As Usual I will updating my market view for this week
Starting with XAUUSD ,it still upside to complete their correction before resume downside
but we must careful with wave 5 not completed
ok guys thanks for see my idea
Keep Trading Safe
US Retails Sales, corporate earnings and now Chinese consumer data add on to the equities rally!
Despite US equities having reached overbought levels, phase one seems to be working well on global #indices.
All eyes will turn to Davos this week, central banks' decisions and also the widely anticipate Trump’s impeachment trial.
Let’s see how equities will pan...
This altcoin had huge move up with huge volume, now we are probably in triangle, in 4th wave and after triangle complete, I expect final leg up, before another correction.
There are certainly plenty of valid bearish and more bullish short term alternatives, but this is my current primary count. Looks like lots of 3 waves so its either a leading diagonal or a bearish WXY and we see a lower low or there is an even bigger bull count of 12 12 12, but that seems least probable. If this is a leading diagonal it seems we are at least...
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