The higher timeframe gives us two equally valid scenarios. On the lower timeframe, it looks like wave X is finished and that we are working on wave Y as an ABC up.
In the higher timeframe, it looks like we have completed a WXY correction. If the low holds, the wave (2) correction can be finished. However, the lower time frame suggests further corrective price action which will result in more wave (2) downside. Several bearish scenarios can be considered if we take out the 04/10/2023 low.
This is one of the counts i am currently looking at. Regarding wave X being a Flat where we have C as an expanding diag being rarity, the fibs are working very well. Meaning Wave (C) is 1.75 comparing to wave (A). Heavy rejection wick makes me think another form of zig zag to drop into the green area. Where we would have 1:1 ratio of W to Y on a larger scale.
In the higher time frame, the primary expectation is that wave (4) has finished after a WXY correction. We had a strong reaction from the reversal areas. However, in the lower time frame, we are missing one more swing up to identify an impulse and the potential start of wave (5). If we do not get the additional swing up, we might still have further corrective...
At the moment we are in the completion of wave four which happens to be a contracting triangle. The move up is going to be a ABC 3-3-3 for a Flat or 3-3-5 for Expanding (which looks more likely). I will take profit at the 0.5300 area which is close to the 2.1618 on the Fibonacci extension. Also note that the RSI has moved out of the oversold area. Stop loss is...
EUR/JPY ending price last week left it below the 200 EMA and showing some shift in power with the Bollinger Bands! This week opened low initiating my Trade Action Plan!! -SELL- { SL } 157.717 { ENTRY } 157.455 - 157.393 { TP } 156.455 - 156.079 *TRADING INVOLVES RISK! DO NOT TRADE WHAT YOU DO NOT UNDERSTAND OR HAVE NOT TESTED BEFORE! THIS IS NOT TRADING...
Just let the market move. My view, still waiting for GBPAUD to fill in the imbalances.
This count is based on my assumptions so anything can happen not a trading or financial advice just for educational purposes only kindly do your own ta thanks trade with care good luck.
The move down is a clear five-wave impulse in my opinion and then the three-wave move up looks like the first leg, wave W, of a double zig-zag correction. I will wait for the impulse wave A to complete, and then for the corrective wave B before going long for wave C of the second corrective leg up i.e. wave Y. Once the double zig-zag is complete, I'll look for a...
This count is based on my assumptions so anything can happen not a trading or financial advice just for educational purposes only kindly do your own ta thanks trade with care good luck.
FX:EURUSD on the background of a strong dollar may continue its decline. A flat and support retest is being formed. If the dollar goes up, the currency pair will break the support We observe the formation of a bearish trend. Earlier, the price tried to break the trend resistance and change the market direction, but only managed to form a flat between 1.0635 -...
Greetings to everyone; Since today is the first day of the week, there will be no important data. Last week, as I mentioned before, we entered into a minor correction. Now I think this correction is over and we have turned our direction upward again. The only development that could suddenly change the direction of fundamental developments would be the turmoil in...
This count is based on my assumptions so anything can happen not a trading or financial advice just for educational purposes only kindly do your own ta thanks trade with care good luck.
(Will Update with detailed analysis) Looking at NDX chart in the longterm, we can get an idea the grande finale is close. At current moment, the general sentiment is way too bearish, too much fear in markets and too many good quality stocks that are near cycle lows. It makes more sense to favor higher price action. NDX has retraced beyond 0.786/0.764 FIB,...
the fall of silver is inevitable. very clean Elliott wave setup. please give me a billion likes to unlock the next amazing trade setup
Through deceitfulness of the current CEO regarding a surprise share split, the stock has seen a lot of damage recently. However, keep in mind that in order for shorts to make their money/profit. They need liquidity to exit their trade. There's a ton at this level given VPR, that combined with the 0.886 Fib level, we're definitely at the max pain zone. Highly...
Last week AUD/JPY declined from a 3rd Attempt at a Higher Higher than its previous Highs on June 18th and Sept. 29th. The strong decline to the Current low in the Support Zone leads me to believe AJ will be Bearish for the week and I also suspect price to give us a bearish break of the Support initiating my Trade Action Plan for the Bearish Sequence!...
Large Motive Wave beginning after a large A-B-C Corrective Wave. A wave of the large Corrective Wave was a leading diagonal, B a Zig-Zag and C an ending diagonal. Resistance at 160 (observe peak of Jan 2023).