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Nike (pullback to make double bottom?)Looks like we may be entering into a corrective state of market structure. We have recently finished our second 5 wave impulse being that we are on a downtrend currently. We have been dealing with a bearish rally filled with good news from the media while there are still battles ongoing with rumors of war, inflation , supply chain issues etc. I could keep going but you get the point. Smart money is still being strategic about the manipulation so I wouldn't get too bullish . If this corrective wave is true, we would like to see a pullback into the B wave which should start a range for the new "ABC" correction before judging the next breakout. We have our stop loss set at the high of wave a to be safe and our target are at the 61%, 78%, and 100%, to account for either a "regular flat", "irregular flat", or a "running flat". Not advice of course! Let's see how this plays out going forward. Thanks for the support! Remember, the better you is tomorrow but the current days needs enough attention to get you there!
NYSE:NKEShort
by Redimere_91
ETHUSD (Daily w/ detailed outlook)Looks like price broke out the downtrend after the consolidation range between around Jun 19th - mid July. This started an impulse to the upside. However, we may be at the end of it with a 5 motive wave count ending with an "abc" wave at this current price where there is clear signs on a new range being made. We also have located a sign of weakness at this current level (where the arrows are at) with two straight bearish candles matched with two bullish volume candles below (where the arrows are at). I would love to see a breakout to the bottom side. Since this is a corrective state, I would expect the next move to be impulse. We have our stop loss set at the top of the wave 5 in case price breaks above this consolidation zone in case price wants to create another impulsive wave to the upside which I doubt will happen at this stage of the economy. I have target set at different level as we plan on dog walking this trade down and keeping our eyes on each consolidation stage. We will exit trade once price breaks out of a correction to the upside just to be safe. Let's see what happens! Not advice! Let's keep grinding! Honestly, I quit my job a few months ago to take this serious. I know this is meant for me. Started this journey 2018 (check my first chart and see the difference) countless hours and sacrifice just like you! It's not about the money more than it is an art style and a way to create your own time schedule. I plan on getting better and helping out communities once I really grow this account. I appreciate the love and support. Are you dying to live too? Been getting a lot of love lately and just want to show appreciation to the TV community. Let's keep getting better and continue to support other chart artists!
COINBASE:ETHUSDShort
by Redimere_91
EURUSDLooks like we located a potential market anomaly on the daily timeframe (white arrows) . Also looks like we be at the start of the C Elliott wave. We have been on a downtrend for a while and we also just wrapped up an impulsive wave so it I would like to see price test the previous low anywhere between 50% and 70%. We also have an important economic day tomorrow for the USD so it'll be interesting to see how things go. I also believe that the dollar needs to gain some more strength through economic recover relative to lowering inflation etc. Happy trading!
Short
by Redimere_91
2
VXX Looks like we located a potential market anomaly on the daily timeframe. As we approach a potential end to the A/C wave, there looks to have been a sign of weakness as we have a few candles during the most recent a/c wave that are giving us some information (Bullish candle/bearish volume). Since then we have seen price start a small bullish move. Looks like an expanded flat where are at now. The MacD is starting to shift momentum towards the upside and would love to see a crossover while price attempts to reach up to 50%-70% of the previous wave (wave B) high. An impulsive wave would be an early Christmas. Happy trading!
CBOE:VXXLong
by Redimere_91
GBPAUD Looks like we located a potential market anomaly on the daily timeframe (July 25th bullish candle/ bear volume candle). Price is in a range and could breakout to upside. We are currently in a consolidation/corrective wave state. We are on the 4th "ABC" pattern which could imply a stronger move to come down the road. Wanted to wait until we reached the c/a wave before positioning for a long. Looking for price to test the high or surpass the high of wave B between 50%, 76% or even past 100% (if impulsive). The MACD is starting to shift momentum as well. Happy trading! Not advice. Only an idea.
Long
by Redimere_91
GBPUSD (ABC wave next ?)Looks like we located a potential market anomaly on the daily timeframe (bearish candle, bullish volume) . There seems to be an "ABC" wave setting up here. The anomaly was located on yesterday's daily candle close . Seeing how we just had a 1-5 wave structure, we may be ready for correction before price decides to retrace the highs. Looking for price to test the low or surpass the low of wave 5 between 61% , 100%, 123%, and 161%. The RSI is is overbought territory with the Macd approaching the top side. Happy trading! Not advice. Only an idea.
Short
by Redimere_91
TWTR ( Corrective wave x Reverse Head n Shoulders?)Looks like we located a potential market anomaly on the daily timeframe (bearish candle, bullish volume . There seems to be a reversal head n shoulders setting up here. Furthermore, this also looks like an "abc" corrective wave. The anomaly was located on todays daily candle close we have been down trending since April. Seeing how we just had a 1-5 wave structure, we may be ready for correction before price decides to retrace the highs. We have our stop loss set at 10%. Looking for price to test the low or surpass the low of wave 5 between 38% to 61%. The RSI and MACD are both matching the top side. Happy trading! Not advice. Only an idea.
NYSE:TWTRShort
by Redimere_91
DKNG (ABC corrective wave to finish?) Looks like we located a potential market anomaly on the daily timeframe . Price is in a range and could breakout. However, this also looks like an "abc" corrective or potential impulsive wave. The anomaly was located near the wave B extension where wave A originally started ( bearish candle, bullish volume ). If price passes the start of wave A before the bearish move, there could be signs of a breakout to the upside. Looking for price to test the low or surpass the low of wave B between 100% to 161% (if impulsive). The RSI and MACD are both matching the top side. Happy trading! Not advice. Only an idea.
NASDAQ:DKNGShort
by Redimere_91
BTCUSD (Possible short opportunity approaching)We have 4 hours and 30 minutes until this candle closes and the next hone open on the daily timeframe. If we can close on a bear candle with bull volume, I think a sell opportunity may arise. I don't want to set price targets. People exit differently and the point here is to make money and lose less than what you make. Let's see what happens once the next candle opens. I do have to mention we are on matching sides of the mac d and rsi. On the daily we may be starting a wave 4 and on the 3 hour timeframe, we may be currently in a abc wave (not sure if this will be impulsive or not). Happy trading! Not advice! What do you think? Followers, please bare with me. I've been backtesting all weekend on several different markets so expect more efficient ideas in the near future. Give me some time!
BITSTAMP:BTCUSDShort
by Redimere_91
SPYTrading Checklist Fundamental: United States - Recent GDP Report: -8.5 - Inflation Rate: +0.5 - Recent Interest Rate Change: +0.75 Technical: - Could be at the start of an abc wave. I wonder if it could turn impulsive. - Stochastic is in an overbought state. - Bearish doji candle spotted while bullish volume broke down a bit. - Current and recent candles may be indicating that the 20 HMA may carry us to the 200 HMA where price feels safe from time to time. Final Notes: - Set stop loss at wave b top to see if the wave is invalid and will reassess if hit. - Set three target o 38% (Risk reward ratio: 1.03) o 61% (Risk reward ratio: 2.28)
AMEX:SPYShort
by Redimere_91
3
AUDNZDTrading Checklist Fundamental: Australia - Recent GDP Report: -2.8 - Inflation Rate: +1.6 - Recent Interest Rate Change: +0.5 New Zealand - Recent GDP Report: -3.2 - Inflation Rate: +0.4 - Recent Interest Rate Change: +0.5 Technical: - We could be starting the c wave. The b wave has retraced the start of the a wave by 61%. - Price is increasing while bullish has been increasing since the beginning of the a wave. - RSI is close to being overbought. Final Notes: - Set stop loss at wave 5 top to see if the wave is invalid and will reassess if hit. - Set three target o 76% (Risk reward ratio:0.73) o 123% (Risk reward ratio: 1.91) o 161% (Risk reward ratio: 2.87)
Short
by Redimere_91
1
ETHUSDTrading Checklist Fundamental: - Net Network Growth : -0.23% - Large Transactions” -1.1% - 24 Hr volume: +25% Technical: - Stochastic overbought - Price creating a resistance. Current candle forming may be rejecting the 20 HMA. - Wave 4 (if valid) should retrace 38% of the start of wave 3 (where wave 2 is). - Two bearish candles at an extension with bullish volume decreasing. - Volume may be exhausting in this area. - If this is truly an impulse to the upside, wave 3 may be rejecting and or creating a new resistance at the 261% price level. Final Notes - Risk reward: 1.14 - I would hope this is really an “abc” impulse to the downside so we can get a better price on the way back up.
BITSTAMP:ETHUSDShort
by Redimere_91
1
EURUSD (Will update)Trading Checklist Fundamental: Unites States - Recent GDP Report: -8.5 - Inflation Rate: +0.5 - Recent Interest Rate Change: +0.75 Europe - Recent GDP Report: +0.4 - Inflation Rate: +0.5 - Recent Interest Rate Change: +0.5 Technical: - RSI Divergence? Lower high on Stochastic. Equal high’s between waves 3 - b. - Wave B retraced the start of wave a 85%. Bullish volume looks like it’s exhausting. - Wave c (if valid) should retrace to 85%, 123%, or 161% of the start of wave a. (Used Fibonacci and Elliott waves to determine targets.
Short
by Redimere_91
1
ETH (Sneaker Version)Hope you like the art. We might be approaching the end of the fifth wave. Do you think we can retrace to the 61% zone of the previous low (wave 4)? We are nearing an overbought area. We haven't gotten there just yet but I would like to see how the candle closes in a couple of hours. If the bull volume can close lower than the previous candle, we may be getting an early sign of weakness. Let's see how this goes. You can also say we are getting close to a double top if you like chart patterns. Follow an Like Let's build together!
BITSTAMP:ETHUSDShort
by Redimere_91
1