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This analysis is purely written from an Elliot Wave perspective. There are no macroeconomics or any other economic theories involved.
Looking at Monthly SPY, we had the completion of wave 1 in 2000. Followed by a recession in 2001-2002. We then had a pullback to the 2000 high, which then ended up double topping and then falling to lows in 2008. This is a...
We are slowly in the end zone of the ABC retracement up.
Currently we are undergoing the C wave, within that we have 5 waves.
There is two bearish scenariosus here: While the 3rd wave didnt go above the 1.618 we could think that the 5th wave could be extended to 2.618 (120 USD)
We could also drop here from the 2. to 2.272 extension. due to the RSI making 4...
5 waves completed on the long term picture
We did hit our 2:1 extension, which means that we may expect a pullback now.
100-103 USD, should be a good short opportunity.
On the long term i am looking for a pullback to 76 USD
This couldnt be more clear. Facebook had an ABC retracement up finishing of the C wave. At 174,2. To make it more clear, we have 5 subwaves.
Within the 5th subwave we have 5 sub-subwaves ending at 2.272 extension. Everything is lining up for this dump.
We keep creating lower highs on the RSI, which means we are losing bullish momentum. MACD is also slowly...
The overall structure is a ABC correction up
Within C we have 5 other waves
The 5th wave is either going to end at the 2: or 2.272, trend based fib extension, which makes 269-270 a very good short opportunity. (Within the red box)
I want to show these 2 charts in comparison to see the similarities between last year of BTC and then this year. Last year BTC developed a wedge consisting of an ABCDE pattern. What i found interesting is that both hit the 0.5 fib of the b-C wave. Instead of doing an ABC up this time to test 0.5 Fibonacci, it did 5 waves up, which means we have an ABC structure...
When looking at the 2008 recession i noticed some similirates. The first wave ended at a 1.618 extension which is also did in 2019. What next? We then had a impulsive wave up, touching the 0.618 extension of the 2nd wave up in 2008. In 2019 we are doing the same, but this time the wave went above the 0.618. It states that wave 2 can reach a maximum 0.786 extension...
On my last post i covered why AMD is going to hit the the 24 USD mark, and then drop.
Well we went up slight higher, to 25USD and we began dropping.
So where does that lead us? If we look at the previous analysis we just finished C, and now we would go for the 1:1 extension of A-B which is slighty higher at 7 USD.
Beware bulls, its going to get nasty.
Volume is getting lower and lower. 5 waves within the C is finished and we have a 1:1 extension of A-B. That means we are nearing us a end of the little long run we had.
My target for this mini short is 310
Keeping a SL at 358,5 would be the best, as there is a slight chance of a 1.272 extension.
After that we should see a drop to the above target.
We got a possible leading diagonal consisting of 5-3-5-3-3. Therefore we should see a bounce from 3371-3318. But now we should expect that the leading diagonal breaks the above resistance and goes to the 2nd top we had at 4100.
Stoploss here would be at 3300
The market is due to a break out really soon. The volume has been very low the past days. What does that tell us? It tell us that we will expect a big movement soon. <
If we use Elliot waves to determine where the move is going to be lets look at what we had so far. We just had the 1st wave followed by an ABC correction. We should now have a 3rd wave coming...
We have just completed a full on ABC. Wave C have just finished its 5th wave, of the 1:1 fibonacci of A-B, which indicates that we should see a upward movement.
Also the 4H RSI is telling us that we have a bullish divergence which confirms the Elliott wave count.
A movement up to 3900 is reasonable, as it is the top resistance of the falling wedge.
On my last analysis we gotten a long opportunity around 3580. I am holding this long until 3830, where we should be seeing a 4th wave down for the retracement.
Then it is to be expected that we would see a 5th wave up targetting 3990.
Since we are developing som sort of wedge there is going to be alot of resistance around the 4k area.
Since we already had a ABC downtrending. We got our corrective wave up hitting near the 0.618-0.65 extension. (350-355)
I expected that we would encounter some sort of resistance there as corrective waves usually end there.
By doing a simple RSI 4H analysis, we can see that we have a bearish resistance at the top of the RSI, which suggest we should expect a...
With Nasdaq and the Dow officially in a downtrend, and have a lot of further down to go, i believe tech stocks are going to have the biggest impact on it.
Right now AMD is doing a flat ABC, where it's going to test 24 USD again.
I would place a short at 23,8 USD with a stoploss at 24,5 USD.
As the title says i expect it to drop to 6 USD. With could...
On my last idea we shorted 4100 to 3490. Gaining us a 18% gain (non leveraged). I would like to take the time to let you know of my new long setup which follows the ABC correction we currently are having.
Note: Index chart
The C is either going to end at 3445, where we would have our first Long. If that is to fail the stop loss would be set to 3410.
I've placed a short from 4080-4110 to test if we have a ABC. I dont believe that the retracement we had was a proper ABC. So i think 3400 Area is very likely for our C.
RSI is showing us that we have a bearish divergence on the 4H. MACD is also curving down on the 4H. So this support the bearish outcome.
If it breaks above 4140. This theory would be invalidated.
I think its likely BTC is doing a wedge formation, as we had low volume the last few days. I expect we will test the bottom of the wedge at (3670), and then go up for another retest at the resistance.
Then i believe it's very likely that we break down below it. The reason is that 3k,3-5k is a huge accumulation area. After the break i expect it to hit 1.618...