WaveSavvyTrades

WaveSavvyTrades

The price action of USDJPY has been in a bit of a rabbit hole in terms of prediction. However, a look on the weekly chart tends to simplify the 'jibi jaba' direction on the lower timeframe. Price seem to be forming a rising wedge on the weekly chart and the divergence in price with the RSI seems to favour a near term bullish bias. With this in mind, there is a...

WaveSavvyTrades

Price for this symbol is currently running in a falling channel . Inside the falling channel is a symmetric triangle and current price is near the resistance of this structure. Should this structure break and price breaks through the neckline of currently forming double bottom (formation is underway), this could likely see price go all the way to 111.65. For a...

WaveSavvyTrades

Price broke out of a symmetric triangle inside a main triangle. Further, price broke out of a falling wedge on the RSI indicating a bullish momentum. With this in mind, price is likely to visit the resistance zone around 1.78 before starting a big sell off to about 1.59 region. This is a total of about 1900 pips. Disclaimer: This is not a financial advice. This...

WaveSavvyTrades

Price is currently trading in a channel, and the 50D SMA has crossed the 200D SMA to the upside (golden cross). Price has just hit the support zone and formed a bullish engulfing candle. In addition the RSI is also showing a divergence with price. All these factors plays into the idea that the support will hold and price would likely retest the resistance zone...

WaveSavvyTrades

Price is currently trading in an ascending broadening wedge (indicated 1,2,3,4,5) in a channel. Inside the ascending broadening wedge, the price is forming a head a shoulder pattern. Should these play out, this symbol will drop to about 0.6750 region. Disclaimer: This is not a financial advice. This is my way of sharing my trade ideas with the community and any...

WaveSavvyTrades

Last week I posted the USDJPY chart and commented on an inverted head and shoulder forming in a rising wedge. The inverted head and shoulder formation turned out to be a triple bottom. Inside the rising wedge, you could see a falling wedge with price breakout leading to the formation of a triple bottom. The triple bottom formation in price structure can also be...

WaveSavvyTrades

Price is currently in a rising wedge. Inside the rising wedge, price has broken out of a falling wedge and it is undergoing an inverted head and shoulder formation. Should the formation of the inverted head and shoulder complete, price would likely test 111.90 - 112 before selling off. Disclaimer: This is not a financial advice. This is my way of sharing my trade...

WaveSavvyTrades

The formation of broadening descending wedge is underway. Price is currently at resistance at point 4. If the resistance hold there is a possibility for price to visit the 1.3450 region to complete the formation of the chart pattern at point 5. Disclaimer: This is not a financial advice, this is my way of sharing my trade ideas with the community and any...

WaveSavvyTrades

Price has broken out of a falling channel and currently undergoing correction. Price would need to re-test the broken resistance of the channel (possibly turned support) at about 1.7 - 1.7015 zone before buying to the 1.75+ area. Disclaimer: This is not a financial advice. This is my way of sharing my trade ideas with the community and any decisions you make from...

WaveSavvyTrades

For the short term, it is a buy to about 111.85 region (resistance zone). The resistance zone or the resistance of the wedge is a good point to short with high risk to reward ratio. This looks a good probable set up. Note: I will update the direction of this chart to short once we reach the resistance zone. Disclaimer: This is not a financial advice. This is my...

WaveSavvyTrades

The Dow has carved a similar chart pattern as the SPY. However, unlike the SPY, the Dow has price broken out convincingly out of the wedge and undergoing minor correction. About 25% correction seems likely for this symbol. Disclaimer: This is not a financial advice. This is my way of sharing my trade ideas with the community and any decisions you make from this...

WaveSavvyTrades

The GBPUSD has broken out of the main channel and price is currently in the correction channel. If break down of the correction channel, the immediate target would be around the 1.3665, the area of the 200D SMA. Disclaimer: This is not a financial advice. This is my way of sharing my trade ideas with the community and any decisions you make from this are entirely...

WaveSavvyTrades

The last time I posted this analysis price had completed the 5th wave formation and the irregular correction was underway. Seems the irregular correction would likely finish at point B (resistance of the rising wedge). I believe point B would be much watched and is a very good point to start shorting this symbol to the wave 4 region which is just over the 3200...

WaveSavvyTrades

Price is currently undergoing correction in a rising channel in a broadening descending wedge (One could also say price is forming a diagonal inverted head and shoulder). The support of correction channel is about 9190. A bounce of from the support and a break out of the broadening descending wedge or the neckline of the inverted head and shoulder could see price...

WaveSavvyTrades

It seems the bear trend has already started. The last time price touched the resistance of the channel it took about 18 months to reach the support of the channel. Price has tested the resistance of the channel with huge RSI divergence. Could we be expecting the same sell off scenario to the support of the channel? I think the probability of that happening is...

WaveSavvyTrades

Price would likely bounce off the 100 daily SMA and shoot up. Disclaimer: This is not a financial advise. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.

WaveSavvyTrades

As we expected last week, price has pulled back to our next selling zone which had a top of 0.7618. Seems about the right time to start loading in the shorts next week. Disclaimer: This is not a financial advise. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me. If my...

WaveSavvyTrades

Last time I posted this chart and advised to watch out for a shooting star candle before shorting. The time seems about right to short now. Disclaimer: This is not a financial advise. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.