IDEA IS BASED ONA COMBINATION OF ELLIOT WAVE THEORY, MEDIAN LINE ANALYSIS AND FIBONACCI NUMBERS. THE RATIONALE BEHIND THIS SETUP IS SHOWN ON THE CHART. THIS IDEA IS NOT MEANT AS TRADING ADVICE. IF YOU ARE GOING TO USE THIS SETUP PLEASE DO SO AT YOUR OWN RISK.
IDEA IS BASED ON A COMBINATION OF: ELLIOT WAVE THEORY, MEDIAN LINE ANALYSIS AND APPLICATION OF FIBONACCI NUMBERS. THE RATIONALE BEHIND THIS TECHNICAL ANALYSIS IS SHOW ON THE CHART. SPECIFIC TARGETS ARE GIVEN. IF YOU COPY MY SETUP PLEASE DO SO AT YOUR OWN RISK. GOOD LUCK GUYS.
I've been watching XAUUSD all week and as the overall movement has been bearish, I've been looking at countertrend opportunities of where profit taking may be taking place and relief moves (retracements) will occur. On this chart we've just had the last retracement back into previous structure, now the question is where are we likely to go next? Drawn on is our...
Yahoo has produced two high probability patterns that would fit well in a bearish channel. The cypher (purple) formed right after the rejection candle at $32.17 at the 1.27 extension measured from the X to A leg. Price also put in a double top at $39.64. A Gartley pattern (red) shortly appeared right after. The kill zone for the bearish Gartley pattern is at...
Measuring the A to B leg with fibonacci , C slams right into the .382 fibonacci retracement. If the .382 can hold it's resistance and throne, we may see possibility of a bullish butterfly completing at price $12.65, 1.27 extension level. Although A to B extension 1.27 and C to B extension 1.628 does shows confluence, price may reject these levels as support and...
1.Deep bearish cypher 2, AB-CD 3. RSI overbought with divergence 4. 1.50 even handle 5. Fib. cluster