as it seems gold is in its third wave of Elliot .
we are long gold until price reaches the red rectangle ,
then we will reenter when price finishes its wave 4 until wave 5.
the alternative analysis would be if price breaks the area of wave 2 downward ,
it would indicate that we are in a bear market for gold .
based on the Elliot wave theory we can see that bitcoin is forming its wave 5 .
using Fibonacci extension we can target the wave 5 to end on the 54k 55k mark.
note that the 50k zone will difficult to break ,
wait for a break above the 50 k to think about going long
using Elliot wave i have identified the key areas where price will probably go down to .
i will be waiting for my entry zone to look for a long position and will be looking for my first target and a possibility of reinvestment.
for max profit i will be using options to enter this long term position.
zones were identified by using Fibonacci confluence zones.
by using elliot wave analysis and fibo confluences ,
i have identified the key areas to buy ,
at the 4th wave of elliot and tp would be at the 200 mark which is sitting on a area where there is a confluence of fibonaci key levels.
let us see what will happen .
reasons to buy this currency if price breaks the grey rectangle:
1- trend line break
2- double bottom
4- price on weekly support
we will update the entry of this trade if another diamond forms on the trend line with a momentum break of this diamond , however if not , entry will be after a break of the grey rectangle with a momentum candles.
reasons to sell this currency pair if it breaks the grey rectangle are:
1- double top
2- trend line
if price forms another diamond on the trend line , then we modify our grey rectangle on that swing , if not , when price breaks our grey rectangle with a momentum candle we enter this trade with sl above the 0.72 psychological level as it...
reasons to enter buy now on this currency pair:
1- price sitting on a strong weekly support
2- inverse head and shoulders pattern , with neckline already broken
3- trend line broken
4-divergence on macd
4 confluences for this trade already , neckline already broken , however i think it is worthwhile to enter this trade even if it is a bit late.
reasons to sell gbpjpy on h1:
1-resistance on daily
entry trigger would be the break of the grey rectangle with a momentum candle , sl would be the previous swing with a diamond and tp would be double the stoploss
reasons to sell this pair:
3- head and shoulders
entry would when the grey rectange is broken with a momentum candle , and the stoploss would be on the previous swing
if you have any questions regarding the diamonds , feel free to dm me .
keep it cool peeps.
reasons to sell if price breaks below the following grey rectangle:
1- divergence on macd ( macd used from the one on mt4 , recoded on pinescript)
2-head and shoulders pattern
3- trendline break ( the break coincides with the head and shoulders neckline)
4- psychological number 0.9 ( break below it)
5-break of support
as you could see here there are more then 5...
eurgbp is sitting on a consolidation zone i call no mans land ( in purple) . however this pair is showing signs of bullish movements especially if the candle closes like this tonight you can enter the long trade for the following reasons:
1- no mans land
2- daily support
3- price action trigger ( engulfing )
however i will wair for the break of the daily...
hello crypto lovers :D
as we see usd is at its last breath with the downward dive we see clear signs that crypto is ready also to regain it's bullish momentum :
1- h4 trendline resistance ( in blue)
2- daily resistance ( yellow line )
3- demand zone ( green box)
4- price action trigger ( engulfing candle )
goodluck HODL COMMUNITY :D