ABC wave pattern seems to be complete. But is the correction complete yet? Looking at last weeks price action we cannot discard a prolonged flat correction . But I will still be looking for long opportunities, as I expect wave 3 to the upside.
I can figure out 2 cases of this pair: 1st case. The correction seems to end @ major trendline start from wave 1 (up trend) . I refer this case. 2nd case: The correction still in Zigzag and continue to break out bellow previous LL and travel to make a C leg. In both cases, we have a narrow zone to buy and sell with good RR! Thanks
There is a pullback in a channel formation forming The 4 Hour is hovering around the trend line, however the 60 minute is showing a lack of bullish power. I will look for a trade entry breaking below the channel Price reaching 1.11000 may see a push to the upside, with long orders triggered. Watching to see.
Gold has a couple of bullish interpretations listed below. Before I get into them, even though this piece is about 2 bullish interpretations, the market can prove both of them wrong so please don't expect this to be 100% correct...nobody has that magic wand in their hand. The preferred count is the wave 3 higher written about 2 weeks ago is still alive, albeit...
The same idea with previous forecast. I plotted the overlap zone which reject wave 4 of a possible impulse wave. So, I determine this is a corrective wave. The next question is DOES the wave end or not. This corrective wave reach near to 61.8% fibo level and did not overlap the 1st wave, price also bounced up . Trading strategy: I assume that price is...
At the risk of sounding like the boy who cried "WOLF!" too many times, I have re-adjusted my current wave count and now it seems a "wave 3" has just started. It is the nature of the market that it is unpredictable and we can only take our best guess at what is actually happening. This is why counting waves is an art. Not a science. Wave counting is dependent upon...
Did that headline get you excited? Who doesn't want to catch a wave 3, right? So my thorough analysis says a wave 3 is the next move. But when and where will it start? Or has it already started? Can you still catch it if it has? If so, where would it be best to catch it? All these questions will be answered....in due time! So let's get started with why I'm...
This is an alternative setup based on my prior trade idea. This setup has now a confirmed ABC elliot wave pattern that normally gives potensial for high R trades. The tradesetup has a RR of 4,3 with entry at 2080 and stop at 2079 and target at 2088. Target is now at a typical Wave 3 level that has the confluence with higher timeframe supply. I will consider...
1) Significant Double Top formed between 46.00 - 48.00 levels 2) Price has retraced back to Neckline and begin second impulse wave. 3) Price has broken 64 Month Uptrend Line and may transition within a projected down channel The near term projected path of least resistance, will be for price to continue downwards. It is also likely that the price will trade...