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Zigzagpattern

SPX near ending diagonal EW structure; More Pain AheadEW labels as charted suggest an ABC is unfolding in a Zig-Zag corrective structure: The 5-3-5 pattern is emerging, with the C wave 5-impulse remaining to fill; Bear market rally 'B' wave has taken form of a WXYXZ 3-3-3 minute wave pattern, 3 counter waves each in turn consisting of 3 minute waves (minute labels omitted for clarity); the double topping ending diagonal near the 0.62 Fibo is ominous; 100% extension of A wave by 'C' is shown; the 0.62 extension would bottom at ~2140; the 1.24 extension would reach 1400 index price; NB, below: IF 'C' wave reaches 1.62 extension of A, then it likely represents the Third wave of an impulsive 5-wave correction, which would imply a crash to extreme low prices: This is just an idea for your amusement and education; trade at your own risk; reference: Education; from elliottwave-forecast.com 5.1 Zigzag Elliott Wave Theory Zig zag Guidelines • Zigzag is a corrective 3 waves structure labelled as ABC • Subdivision of wave A and C is 5 waves, either impulse or diagonal • Wave B can be any corrective structure • Zigzag is a 5-3-5 structure Fibonacci Ratio Relationship • Wave B = 50%, 61.8%, 76.4% or 85.4% of wave A • Wave C = 61.8%, 100%, or 123.6% of wave A • If wave C = 161.8% of wave A, wave C can be a wave 3 of a 5 waves impulse. Thus, one way to label between ABC and impulse is whether the third swing has extension or not
SP:SPXShort
by DaddySawbucks
67
BTC - WXYXZ correctionAfter reaching local maximum of 10.500$, we see correction in bullish flag. This flag contains triple ZigZag with ZigZag X-waves (WXYXZ). It means that both X-waves cointain ABC simple ZigZags. Market price is at the point Z right now, so potentially there is a possibility to bounce upwards on this support but more possible is to finish target of WXYXZ. The most common target of this pattern is extension 1.618 of the last wave. In our case - value 8.550$. On this level we can also see 50% retracement of whole uptrend from past. There was created local maximum on this level too.
BITSTAMP:BTCUSDShort
by Kryptotrejder
OSK BTD off Symmetry SupportThis came to me in meditation, and this is a good thing, usually. The chart is ugly with no great trend, but this is what I'm given. I do technicals and then a "reading" with my pendulum and cards. What I'm seeing: - weekly timing just counting bars, and it appears to be in a weekly timing window. - 200 EMA at $83.42, 50 week MA $82.45, weekly ATR trailing stop just above there and Symmetry support at $81.76 - I like the zig zag pattern down. - The "reading" indicates we expect to dip below last week's low ($83.62) and reverse. I feel good about the message and the way it lines up with the technicals. I'm looking for a 5% gain this week ($86.55 from entry) and then I'm out. - Entry ~ $82.43 near 50% retracement - Stop is a daily close below $81.76 (sym. support)
NYSE:OSKLong
by JenRz
1
ORBEX: EURGBP - Zig-Zag Can Be Expected To End Correcting LowerIt looks like the corrective minute wave y of the minor motive wave C of the corrective W,X,Y zig-zag pattern has a little more room to move further down. Wave y at 0.888 is also the 50% FR of minor B of the second A,B,C zig-zag at 0.8974 and the minute wave v at the market low of 0.8786. The correction could indeed end higher, near the golden ratio where another three-wave pattern wave can be expected. The invalidation level, however, would be above minor B at 0.8974 with the first signs of the invalidation appearing near minor A top at 0.8942. The current structure suggests that the confluence extension low of this market could reach the golden level near 0.8650, and even slide lower. In that event, the first stop would be the current market's low at 0.8786, then, the round 0.87. Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice.
Short
by Orbex