I believe Gold is making a 4th wave WXY correction, 3 waves are easily countable for W and X from the high of wave 3, meaning we need one more sharp downwards movement breaking the low to complete the structure. Once that has finished, the fifth wave will be the longer term trade.
Although this time I personally am using the triangle as my secondary wave count, the count in yellow is now my primary wave count, so it's currently just finishing the X wave of a smaller WXY pattern.
So here I have 2 possible counts for the 4th wave correction as labeled in red, Firstly, my main count is in yellow, showing an WXY structure from 21st October high, followed by a possible triangle which is currently at wave C.
Alternately, look at the wave structure in blue, showing the 5th wave is a truncated 5th, and price is now making a flat...
Right now we BTCUSD appears to be in a regular zigzag pattern, coming down in a 5 wave structure to complete the C wave, once this has been completed, I am looking to go long for another impulse wave (wave C of the bigger zigzag) which is marked by the blue arrow.
This is a 3 wave count from August '18, As you can see on the MACD, we have regular divergence (price is making higher highs, MACD making lower highs) at the end of the C wave of the expanding flat, I will be waiting for a break of the orange trend line for confirmation of the trend reversal before taking a short position, please apply your own rules to your...
Finishing what I see as the 5th position of consolidation (as seen on the Daily) and that'll finish the ABC pattern as seen here on the hourly chart. Always follow your personal strategy (that you've back tested of course) before following ANY analysis on Tradingview.
Looking at the larger time frames, The AUDUSD has made an ABC zigzag correction, and the trend down from that is here as the high, there are 5 waves down, with divergence between the 3rd and 5th waves on the 1H MACD, should this be the bottom, I am expecting a correction to the upside before looking for a longer term sell.
This is only on the 1H chart, price has just recently finished an ABCD pattern, I'll be waiting for the price to break through the blue line, before selling, making sure I have a 1:1 risk reward ratio. Looking at the higher timeframes I think this pair is due to come down some more too. So if price breaks through the higher timeframe's resistance level, then I'll...
The big orange trendline represents resistance (also this current level just so happens to be a fibonacci 0.618 retracement), should it bounce off, wait for a trendline break from 09/04 low to recent highs, the green lines show a possible ABCD move it could make.
A head and shoulders pattern appears right at the top of the recent trend, as you can see, price action has come back up to retest the line drawn from shoulder to shoulder, I will trade once I get a signal on a lower timeframe, and trade back down to the line shown.
As shown this pair recently bounced off a huge trendline here on the weekly chart. I'm expecting this channel to break to the downside. One profit target should be the lows as drawn with the red line, I'll open 2 trades when price is ready to fall, to keep one open until it shows signs of turning to the upside.
All is shown on the picture, I'll wait for a break of the tiny pull back to the channel line before entering, a very clear positive risk reward ratio, Long term I'm thinking bearish, but I'd like to see price go a little higher before shorting the market.
Looking at past support from July and August 2016, this could be a possible turning point for the GBP, on the 4h chart there is regular divergence at this price point, first TP will be support as shown in the picture. Of course, wait for todays close before placing any trades.
Also, I forgot to draw on, this also marks the completion of an ABCD pattern that...
B-C leg is a 50% retracement, C-D leg is perfectly the same as A-B leg, I'll be taking a long position up to the 50% fib retracement of the C-D leg, which also corresponds with the downward channel starting 3rd January.
Looking at the tweezer bottoms bang on the 1.24 level, I'm still looking for a short oportunity, however, this set up potentially could bring in 50 pips or so, I'll keep an eye on the 4H close before entering a trade.
Wait for confirmation before executing trades. As you can see, a descending triangle pattern from the daily chart shows huge resistance to the upside, this coincides with the advanced pattern's completion, for a potential to short the market to a retest of the lows, which also have a huge support line from the daily chart.