S&P 500 decline in a five-wave contracting pattern knows as leading diagonal from its all-time high. It's labelled i-ii-iii-iv-v in wave (a).
According to Elliot Wave theory, a three-wave correction follows every impulse move, that's the subsequent a-b-c zigzag move in SPX. The correction retraced more than 80% of the impulse, retested the upper boundary of...
Gold breakout of the descending trendline + resistance after completing an a-b-c triangle in wave 4.
I will be watching the price for a potential retest of the broken level and continuation higher.
While the price is still trading below the blue line, then it's a tug of war between the bulls and bears. The break of wave b high, the blue line, will give...
The AUDNZD 4hr chart above shows a classic inverted H&S pattern. Price also broke out of the long-term parallel channel and support & resistance level.
Price has the potential to retest the broken neckline as support and resumes a strong impulse move in wave (3) of iii.
Buy from or below the current market price and put stop loss at the...
AUDCAD reversed from the demand zone and completed a 5-3 wave cycle.
According to Elliot Wave theory, once a 5-3 wave cycle is completed, the market will resume in the direction of the trend!
The corrective wave unfolded has a w-x-y double zigzag in wave ii and already fulfilled the minimum requirements. Price has the potential to move higher in wave iii of...
Kindly support this analysis with your likes and comments!
The Silver 4 hourly chart reveals an incomplete Elliot Wave impulse sequence from wave (b) high on the chart. It's labeled i-ii-iii-iv-v. Wave iii is the longest wave and its sub-wave of wave iii is also visible.
According to EW theory, once the corrective phase in wave iv is completed an impulse move...
Following up with the NYSE:UBER stock movement, we might see a drop into the $36 or lower as a wave 2 correction (Zigzag Pattern). If this is the case it would be good opportunity to get in from there.
AMD is looking to finish wave 4 to go into wave 5 of a larger wave 3 which began in mid 2018. Looking for a dip to the 50-61.8 to get a full position. In my opinion, AMD looks to be still in its wave 4 which may coincide with my wave 3 INTC count. (i.e. rotation from momentum to value).
BAC is hitting some key levels. Looks to be finishing wave 2 of a wave 3 of 3. Play this if you prefer over JPM. I like this set up a little more, although JPM has a nice triangle. Looking to go long with a couple of diagonal spreads to reduce the cost basis of my monthly options.
JPM looks to have finished a complex wave 4 in an expanding triangle. Looking for a wave 5. It is hard to be bullish on banks, but given the recent allegations again JPM and the trendline support holding, it may be worth a shot at letting some monthly options play out.
LRCX has reached the 1.618 retracement implying the possible end of wave 3 of wave 1 of an extended wave 5. It could dip a bit to 330 then up to 350 possibly. Then a wave 2 correction to the 0.618 retracement of the wave finshed wave 1 in the short term. After which wave 3 is expected of the minor wave 5. I will be going long after wave 2 finishes which may be...