according to my elliott wave analysis an impulse wave have started from beginning of 2016 in gold price.
wave 1 and 2 completed and XAUUSD is in wave 3. i considered 15 aug 2018 low as wave 2 of wave 3. if this count is correct, Gold is in the wave 4 of wave 3.
if gold goes below 1370 level both intermediate and primary degrees wave count will invalidated. so if...
According to my elliott wave count we have completed 5 wave cycle and we have entered a correction phase since btc met 14k. Because of that as wave 2 WE CAN NOT FORM A TRIANGLE and it is not a triangle. Everyone calling it a triangle, may be it's not!
So what now?
Now we started a wave up and then a retrace to golden ratio and from there a brief appreciation to...
for more information see my previous analysis on S&P 500 using this link:
i think SPX is in a correction starting from red line a drew and it is like a triangle or a flat.
but it is not a simple zigzag. as i said before SPX loves to make Flats!
after all, SPX should see a wave down atleast.
on 13 aug price entered the first wave territory by breaking the brown line that i drew on the chart and invalidated my count as i interpreted this as wave 5.
so now i recount these movements as a combined correction where we have a flat as wave W and a zigzag as a X wave and may be finally a triangle as wave Y.
so what now?
now i think we are still in the...
after completing the flat we started a wave up and then a wave down then up and finally down. I think this wave down is probably the forth wave of a impulse regardless of it's degree. So to determine the take profit and stop loss i suggest to use wave 1 territory, that would invalidate my count. For take profit i used fib extension of wave 1 to 3 and starting...
i believe we have completed the correction as a flat. actually a perfect flat!
i entered a long position right after we broke termination point of wave D of flat.
now i'm rising my stop loss to 11500 level where we have some support line in smaller time frames.
in 14th july bitcoin started to form a inverted head and shoulder-like move until 20 july, then it failed to form right shoulder and started a channel toward downside.
then again it made pretty much exactly the same pattern but a smaller one as i drew in the chart. i've seen these fractal patterns repeat themselves at least 4 times especially in corrections, like...
as i have discussed before i'm doing a elliott wave analysis on bitcoin dominance.
right now actually bitcoin dominance is really high. according to my analysis we are in wave 5 of primary degree and actually in the last stages of this move. now we are forming a forth wave and because of that altcoin markets are in a big confusion. i suggest you to buy some...
ETHBTC have broken the blue support line but no volume followed. it seems ethereum is ranging and does not care about ressitance. so a conclude that this blue line support is no longer valid. i think ethereum will surprise us rallying to the up side. i drew a support area. may be ethereum will bounce from these levels.
as you may remember i said that i see a flat correction in bitcoin.
there is different scenarios where the 14k top was end of wave 5 or wave 3. in this stage it does not matter.
the only thing that matters we completed a flat correction and now as i have shown you in the chart, started a new impulse wave as wave 1 or A and a 2 or B correction and potentially...
i can see a strong impulse wave for EURUSD this big wave down is more like a corrective wave i will dive into details after publishing this idea. so i have determined EP SL and TP levels. it would be a great trade to make and it would be a long one. so be aware of the rules of the broker you use. some of them wont let you hold position more than a specific period.
In grand supercycle I see wave 1 and 2 and three and i have shown the potential targets for future. it does not matter that these forecasts will play out or not but we can see that we are at wave three and i am goin to dive into details in this idea. by the way this mounthly chart of spx since 1970.
it doesn't matter we are forming a zig zag or a flat or a triangle only thing that i know we are at a corrective wave. this is not a motive wave because it is complicated and has a lot of overlaps.
regardless, may be we are forming a regular flat(A 3-3-5 correction) . after completion of correction i will tell you guys where to put your orders. now we should wait....
I drew a line in red, it is important because it connects the ending point of wave 1 and wave 3 and respectively there is green line parallel to red line but from ending point of wave 2
These lines are drawn professionally and are not simple channeling lines. So draw it for your self it is going to be a significant line in the future.
Back to elliott, i think we...
As you can see in bitcoin dominance chart we are in a potential wave five.
-Wave 2 corrects major area of wave one but it didn't break it's low.
-Wave 3 is longer than wave one so it cant be the smallest wave then if wave 5 wants to be larger than wave 3 this interpretation is still a valid one.
-wave 4 corrects pretty much exactly to fib 38.2 percent level...