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We got our major structure levels.
And if we looking for pattern a nice Little 3 drives.
Nothing else to see.
Just a boring sideway trend.
Extremely violent price action indicates that we have more downside on the 4H and, on higher timeframes, that there is significant likelihood that the move from the lows was a bull trap. Whether we ultimately move to fill the gap from the short squeeze and/or form an equilibrium pattern, complete an ABC correction from the $9.76k highs, or move to new lows since ...
Time for some mean reversion play. COP is the sore thumb sticking out amongst the oil plays with the stock making new highs post Feb crash. With results coming up and WTI completing its own 3-Drive formation as the pipes out of the Permian get clogged, it would be a good idea to put on some downside directional trade on COP. Given the out performance vs. the ...
Potential Three-Drive Pattern forming
If price closes in a pinbar today, I will enter this trade. Seems like a good confluence of signals: top of the channel, oscillators overbought, pinbar forming.
3 drive to a bottom
...and a positive divergens on RSI should give us a smaller bounce here.
Three drive to a bottom
....And positive divergens on RSI should give u a bounce here.
Chart says it all
Best of luck
Well, let's see how this goes. it lines up.
the critical aspect of this pattern that each drive complete precisely at consecutive harmonic ratios - either a 1.13, 1.27 or a 1.618. Also, the price legs should possess clear symmetry with each drive forming over equivalent time periods.
the bullish three drives pattern offers a potential reversal point for a bearish market after forming three consecutive ...
BTC/USD is currently trading through its bearish pitchfork and it also broke a long time uptrend line from July. Apparently it's going down to ~$6000 range which in turn will form a double bottom. Also worth noticing this bullish 3 drives pattern.
The three drives pattern is a reversal pattern characterised by a series of higher highs or lower lows that complete at a 127% or 161.8% Fibonacci extension.
It can signal that the market is exhausted in its current move and a possible reversal is about to occur on the price chart. The bullish version of the pattern can help to identify possible buy ...
The three-drive pattern is a lot like the ABCD pattern except that it has three legs (now known as drives) and two corrections or retracements.
Easy as pie! In fact, this three-drive pattern is the ancestor of the Elliott Wave pattern.
As usual, you’ll need your hawk eyes, the Fibonacci tool, and a smidge of patience on this one.
Couple of bearish cues on MU:
#1 Potential weekly 3-drive pattern completion
#2 Currently trading at 61.8% retracement of last All Time High
#3 Potential ABCD completion in the 240M time frame
#4 Huge volumes which suggest exhaustion, last hooray
Min target would be the 38.2% retracement level around the $40-$43 level.
here are basically three ways that you could enter a trade:
Put in a pending order at the last 1.272 level, with a stop loss guess
Wait for the market to print a strong rejection bar, like a Pin Bar or Outside Bar, then enter the trade, with a stop loss on the other side of the bar
Wait for the market to break through the 1.272 level, then put in a pending order ...
Another pump towards launch of the testnet?
How to Identify the Three-Drive
The pattern consists of a series of three higher highs or lower lows, which signals a potential reversal.
As you can see from the charts above, point A should be the 61.8% retracement of drive 1. Similarly, point B should be the 0.618 retracement of drive 2.
Then, drive 2 should be the 1.272 extension of correction A and drive 3 ...
The Three Drives Pattern™, Although it was not specifically identified, one of the first references to a Three Drives pattern™ was outlined in Robert Prechter’s book, “Elliot Wave Principle.” He described the general nature of price action that possessed either a three-wave or a five-wave structure.
Adapted from this principle, symmetrical price movements that ...