Additional balance zone discussion based on 8/24 RTH session going into tomorrow's Jackson Hole Event
Discussion regarding balance zones. Discussion is based on previous days and weekly plan
The (first part of the) correction in the NASDAQ might be finished. We expect more upside but we have to be careful. The rally to the upside can fail and result in another corrective leg down.
The corrective structure down might be finished. It looks mature on both the 4h and 1h timeframe. The surprise would be that the 3 waves down are unfolding in 5 waves which would mean an ABC correction instead of a WXY.
The primary scenario (in green) assumes more upside in a corrective pattern. The secondary scenario (in red) calls for another leg down before we have the upside in a corrective pattern.
The (first part of the) correction in the NASDAQ might be finished. We expect more upside but we have to be careful. The rally to the upside can fail and result in an another corrective leg down.
The corrective structure down might be finished. It looks mature on both the 4h and 1h timeframe.
The primary scenario (in green) assumes more upside in a corrective pattern. The secondary scenario (in red) calls for another leg down before we have the upside in a corrective pattern.
We are in the wave Y area. From here we can expect upside again but we see it as the 'last' chance.
The corrective structure down might be finished. It looks mature on both the 4h and 1h timeframe.
Bitcoin and SPY in a 3 waves down move. We will see if it can get a reversal here but expecting more to come to get us 5 waves into 21500-25k area for bitcoin. Not sure on my micro count. could be a sub wave 3 of 3 at this point. Refer to previous video for macro outlooks and haven't changed opinion. Not financial advice.
We are in the wave Y area. From here we can expect upside again but we see it as the 'last' chance.
We are waiting for more data to come up with a reliable EW count and trade setups.
It looks like we will get more downside in the FTSE. We are looking to a short a wave B. If we do not get the wave B, we can go long again after the correction is finished (wave (Y)).
We are looking at two scenarios. The bullish scenario (in red) shows an ending wave 4 down that will be followed by wave 5 up. The bearish scenario (in green) assumes that wave ((1)) is finished and that we will get more downside in a corrective structure.
analyzing top pairs for the week with potential trade ideas for USDCHF, AUDCAD,NZDCAD,EURGBP
In the higher timeframe, it looks like we are doing a wave (4) down which should be followed by a wave (5) up. However, there is a potential trap in which we might see way more downside as the wave II correction can still be ongoing.
In the higher timeframe, investors should wait for the pullback to buy again.