This correction on XAUUSD has played out exactly as expected so far and it appears that we have just completed a terminal wave-c, meaning that we are also at the end of a larger irregular failure flat pattern. The irregular failure flat implies that we should get an impulsive wave that is at least 1.618 of the first :5, and could be much longer. I am expecting...
has wave 2 been done or no? Or build bottom of wave A?
If wave 2 has done it will go to 1300 but if the bottom is wave A so now goes to build wave B (around 1260).
After an impulse wave, we can see a triangle forming in this pair.I'll be waiting to sell the breakout but we may see a bit more correction as the wave E is on it's way. Breakout may occur anytime soon so I'll be watching this pair as it goes. Trade with care
Previous idea 2 hour chart wave a up target at 1219.67 was touched at 1219.81.
This 15 min chart has 2 targets for a wave b low at 12.02 and 09.94. The first leg down looks fairly strong.
Not surprising since the wave c up was an Ending diagonal which implied contraction in the proportions going into the high.
With 2 support targets so close together it is...
The C wave Expanded Flat posted earlier in May has been playing out. Rather than continue to update the original post, I'll try and switch to this shorter time horizon format with individual ideas.
Assuming a simple 3 wave advance, wave a up highs should come in just under 1220. A b wave low will likely follow, but no telling if that b wave down will take out...
As per our last week post about GBPUSD wave analysis on higher time frame end of b wave, but price action not give clear view on further downside. So we recount the waves on lower time frames give another view on this pair, We expect one more leg upside end of this wave pattern.
We have a nice movement within an ascending triangle with waves A, B and C. I am expecting a continuation down to complete wave 'D', then look to either sell the breakout or buy the bounce off the trend line to form wave 'E'. Then look for a breakout from wave 'E'
Will see how this one plays out of the coming days.
One more push down on the 60mins by the bears before the bulls start to take over can't be ruled out. However, if the bears are too strong, then buying the Bat pattern completion is not a bad idea. Overall, my long term view on the AUDCAD is to the upside.
Thank You for your support. Happy Trading.
My view on the GBPJY pair. I believe we'll see drop further down towards the 0.618 fib level @ 158.45 before surging upwards again. This would complete an ABCD wave reach the previous structures their highs and reaching the top of the box. I believe this will be a good point to short the GJ all the way down to the trend line/bottom of the box.
The drop down is...
USDJPY IS IN A CLEAR BEARISH TREND SO WE'RE LOOKING TO SHORT THIS MARKET.A GOOD PLACE TO SELL WOULD BE IN THE BREAKOUT OF THE TRENDLINE FOR ANOTHER IMPULSE WAVE TO THE DOWNSIDE.WE ALSO HAVE MACD DIVERGENCE INDICATING FOR A REVERSAL SOON. TRADE YOUR PLAN,PLAN YOUR TRADE.
Fundamentals:
CGI is an IT company based in Canada that delivers end-to-end IT outsourcing services for communications, financial, government, health and other industries. Seems like very stable company from funadamental point of view: large capitalization, not overvalued, debt to equity is okay and short float is low (a little people betting on short side). But...
www.cnbc.com
I decided to analyze this stock after hearing about McAfee being appointed C.E.O. and the massive gains that were made that day. On the monthly chart it appears that MGT19.69% may have just completed a double zigzag pattern or possibly a triple pattern (which we can't see because of the 10 year gap in public trading, I've also hidden the data prior...
Recently i have been making good percentages day trending/ scalping. now i have a bigger account i want to focus on the more longer term trades. to do this, i think Wave theory is the best bet to understand the psychology more. Laying out wave theory can be difficult, but this looks straight forward... Will look into the lower charts to pick up any lower fractals....
