We have a big chance of seeing upward movement.
Triangles are often following previous movements, here it´s upward, therefore the odds are in favor for it to continue upwards.
For the ones interested in Elliott WT then I beleive we're in the 4th wave in a small 30min to 1H timeframe.
Volume should soon grow which would make strong movement.
If the break is over...
Beware of the sideway movement, it´s often tricky and hard to keep calm.
Nobody really knows what happens the next few days but here's my idea. :)
If the triangle breaks largely in the Cwave then it could be a HUGE 30 to 40% correction.
So my advice is to wait the Ewave to BUY longer term if this triangle turns out to be true, but there´s potential to SELL short...
I beleive we're in a C wave of a correction.
The price of GOLD will eventually rise the coming days but it could fall again soon.
I think the USD is gaining some "short term value", a correction before it falls down again. If you look at my previous analys on the EUR/USD, I told there could be a correction soon, which results in the USD gaining some value against...
W2 = 78,6% of W1
W3 = Approximately 261,8% of W12
W4 = Approximately 23,6% of W3
Here's what I think:
We're in the 5th wave and it will break or bounce back on the ATH level.
Beware of the bearish divergence , but it's normal to have it on the 5th wave before a correction ABC move.
Good luck to you all! :)
Because of the coming devaluation of the US dollar (with all of the FEDs printing etc), I think Bitcoin will seek higher highs in the future.
But right now, I beleive in a pullback because of some bearish signals as the latest double top, and the resistance zone that is making the price bouncing back.
If we look at the EUR/USD chart, and the GOLD chart, I think we...
From year 2015-2017:
Inverted head and shoulders.
W2 = 61.8% of W1.
W3 = Approximately 261.8% of W1 and W2.
W4 = Between 23.6 and 38.2% of W3.
W5 = 161.8% of W4.
From year 2018-2020:
Price is now above MA50.
In my point of view, we could have a bearish W2 on the way. Usally the price pulls back after breaking a trend...
There are two things that make me beleive in an upcoming bearish scenario:
1) Elliott Wave analysis with Fibonacci:
W2 = 0,786 of W1.
W3 = approximetly 1.618 of W1 and W2.
The upcoming W4 could go to 1245 before making a new W5.
2) Bearish divergence with RSI.
If the stock turns out to be bullish, then we could se it launch up to 2400 (if we respect the W3...
Here is what I think :)
Fibonacci retracement and extension:
W2 = 0.786 of W1
W3 = between 1.236 and 1.618 of W1,2
W4 = 0.382 of W3
The trend is up IF W5 manages to go higher than W3, by that I mean that we should wait for confirmation. Wait until the price goes above 1818.14.
I will not buy before confirmation.