I try my best not to use complex trading patterns in the crypto space only because trend line analysis works very well, but when my brain sees a familiar pattern, I get all excited - Here is a gartley pattern formation for XLMXBT with beautifully executed levels and the trading wave reaching near the 38.2 retracment level which is a resistance level for XML -...
WTI has been bullish for two consecutive week and is now at it's highest level since early August. The RSI has indicated an over bought state meanwhile the market is showing a Cypher pattern forming.
It's met all my rules so far and am now waiting for D wave to complete.
Will be keeping tabs on this trade- Good Luck!
In this analysis, I believe that the market will make a 38.2 retracement of wave A.
(WAVE A: Bullish commencement - Potential Bear Wave/Consolidation )
Note that the dashed lines within the 38.2 area represent a channel of past support and resistance.
If my hypothesis is correct, then the market will return within that area.
I'm mainly focusing mainly on...
Fundamentally speaking, whatever goes up must come down, but the question is when. BTC has been proven to the new XAU.
From a technical stand point however, I anticipate BTC to go up higher. Then dropping down dramatically on the macro level. At a micro level, here, in 120, we can note that we're in a corrective state, after completing the final wave 5 of...
This is a support theory to why I believe EURUSD will be up within the coming months, Momentum and RSI indicated over buy.
It seems like we are completing a wave 3.
Other analysts suggest it may be completing wave 5, but the dip (correction) wasn't long enough in my standards to justify it as a wave 4 (1700 area)
Let's wait and see.
Trend, support and resistance trade.
Currently in this trade long for
Target A 1.07989
Target B 1.09005
NOTE* Market is currently respecting the weekly trendline (blue) and past resistance levels (1.06880)
Happy trading and don't forget, trade at your own discretion not anyone else's.
I'm taking into account the time it took for impulses and corrections to complete.
The blue line is a representation of a possible trend line which has been drawn parallel to the yellow line to gauge where potential points of contact may be.
Wave 2 was a sharp retrenchment passing 50% of Wave 1 indicating that Wave 4 may take some time to complete.
A double top has formed in H4.
A retrace to 161.8 is possible as it lies right along the weekly trend line.
Target 1: 1239.99 (Neckline)
Target 2: 1226.79 (Along Trend line)
Watch for a break in the neckline
Ideas, Comments, Questions, Concerns.. All are appreciated, leave them below.
Happy Trading, Good Luck ;)
After our GDP growth topped our expectations, I expect the market to fulfill a blow off high (illustrated here by the completion of wave 4) I also expect buyer exhaustion to set in. Which may turn to wave 5.
Down in the 1HR chart you can see RSI divergence as the market is being over bought.
I will be updating this within the coming week.
if you have any...
The market is in a correction now, I see 3 different possibilities.
1. Correction waves A, B, and C have been completed and may drop below to pink dotted line at around 1.05135 then rise to 1.07997 (the black middle line)
Break through the bottom dashed pink line on to 1.05135 (dashed purple line) and may even continue the trend to 1.03480
2. WAVE C may...
It seems as though EURCAD is completing wave 1
Target 1- 38.2% (1.43071)
Target 2- 61.8% (1.41111)
I'll be watching this pair this week
I'd love to know if you have any inputs or even ideas.
Thanks & Good luck :)