Based off the previous price action and my awareness of the sporadic institutional moves i was able to strategize a trading plan for what possibly could show up in the future.Even if price dosent respond how i expect it to i still know that the areas i have marked up are important levels of structure that i could potentially take a trade off of, like and comment...
Tesla has formed a nice 1 and 2 wave ending right around .618 levels.
Looks to be ready for an uptrend of at least equal length of wave 1, which hits the middle of the pitchfork perfectly...
expected date for the completion of the equal leg should be around middle of May
not financial advice :)
We created a first higher high and higher lows after a strong downtrend. Elliot wave is forming and we are now waiting for the retracement (leg 4) to be formed to get into a buy.
TP? Take the equally weighted move from leg 1 and use it as a guide to set your TP on 80% of it for leg 5.
EurUsd is setting up for a possible ab=cd highlighted in Red on the chart
We have a possible channel trend coming to an end
EurUsd is clearly making it's way back down
will the cd move ever happen?
It's too premature for that...
But a smart trade would be to short eurusd now for about 40 pips
take down to the first green line tp is about 113.80
Here's the chart of the trade that we went over in today's Forex market Preview video. If you didn't see it, make sure you get over to youtube & do so, but what we're looking at is a double 2618 opportunity.
The bigger potential 2618 is located on the daily timeframe while the smaller one exist on the 4 hour.
This chart is of the hourly timeframe where we took...
GBPNZD potentially could be in a corrective cycle as there appears to be five waves up from the low at 11th July, this recent move down looks corrective in nature as it is overlapping, so I'd expect another 5 waves up from around the 1.800 mark to potentially 1.9200 - 1.9400
EURUSD dropped today into a zone that likely creates a strong struggle between bulls and bears.
The Elliott Wave picture is such that there is a bullish view and bearish view which both can be satisfied based on the current pricing. Therefore a meaningful push below 1.0800 or above 1.0950 begins to elevate certain patterns and demote other patterns.
The GBP/AUD has caught my eye. Prices have been contained inside a nice rising support channel. Yesterday, that channel was tested which establishes a low point for us to consider breakout trades to sell.
Zooming out, there is a confluence of wave relationships in 2.20-2.22 from 2 different sources.
1) 61.8% retacement from the 2008 high to the 2013 low
Last week, the Kiwi hit the top end of a target range we have been watching. How much, if any move is left?
On the heels of the RBNZ 25 basis point rate cut today, some cracks are beginning to show up in the NZDUSD foundation. Governor Wheeler suggests this is it regarding cutting for a while and prices have rallied today. 6680 may provide resistance in the...