five_waves_trader

five_waves_trader

Bitcoin has been failing to break above the channel line. The structure looks like a flat correction pattern. I am expecting Bitcoin to go down to test daily 200MA. The best case scenario is that the price forms a double bottom at daily 200MA, completing a flat correction, then bounces back. Then it could be a nice long set-up, catching the beginning of wave...

five_waves_trader

Bitcoin could not break through 10,000 usd and the long-term channel line. I am expecting at least 2 legs correction to the downside, probably at least testing daily 200 MA (8,000 usd) or even going further down if it breaks daily 200MA. Looking at the weekly chart, after Bitcoin reached 20,000 usd, the chart has been forming a large triangle. Probably Bitcoin is...

five_waves_trader

I am becoming more and more bullish for GBPJPY. On daily chart, it looks like: (1) ABC correction has finished, and it may be forming wave 3 (2) I can see a large head and shoulder pattern - this is really big head and shoulder I like this confluence. The only concern is that there is still risk of coronavirus shock, and yen could strengthen if the stock market...

five_waves_trader

It is rare to see oil price drop below $30. I would consider this a good opportunity to buy oil for long-term investment both from (1) technical, and (2) fundamental reasons. (1) technical reason Looking at the weekly chart, the price is potentially forming a triangle. Ideally, the price should drop below $25 and bounce back. (2) fundamental reason The oil price...

five_waves_trader

After the price retraced, it looks like Bitcoin has finished ABC correction as wave 2. The end of wave 2 is exactly at 50% retracement level of wave 1. This is typical for wave 2. If this analysis is correct, the next upswing is wave 3 and it should break past the previous high!

five_waves_trader

In the last post, I mentioned GBPJPY could reverse up. After that, I closed my long position with small profit when I saw the upswing was weak. I am becoming more bearish on stock market overall, thus yen pairs could strengthen further in general. It is possible that GBPJPY is still in the midst of wave C, and it could go down further as wave 5 of wave C. This...

five_waves_trader

Until 1 month ago, most of Elliott Wave analysis I saw suggested S&P500 was still on bullish trend. However, with breach of key levels which I thought could work as support and the sharpness of the downward move, my view has to be changed. Here is my current view as of today. (I posted a few supporting chart analysis in my blog, please see it if you are...

five_waves_trader

I posted an analysis on Gold on my blog a while ago, saying the uptrend may be ending. Now gold is likely to have finished 5 waves impulse, and starting to retrace down. Probably this will be ABC correction, but could be time consuming. Let's watch how the price behave.

five_waves_trader

A time-consuming ABC correction may have finished for GBPJPY. If this understanding of market structure is correct, the next swing up should be strong and big. I consider this very good risk-reward trade.

five_waves_trader

I have been watching price level around 3060 as a key point for various reasons (200 SMA in daily chart, and also previous significant swing low. I will post more details in my blog). Wave count suggests 5 wave down may have ended (or is ending at least). I am expecting the price bounces back soon at least on the short-term. But I don't think price will go back to...

five_waves_trader

My wave analysis remains the same for EURGBP, and it has been a good trade. Now EURGBP is still forming wave 3, and sub-wave ii has ended. If this analysis is correct, this swing up should be very strong. Let's see!

five_waves_trader

So far, GBPJPY is moving as analysed in the previous post. Potentially wave 2 has ended, now it is forming wave 3 down. I am expecting further downside.

five_waves_trader

Wave 3 appears to have ended and the S&P500 dropped sharply. There could be a bit more downside. The price reached minimum target (23.6% retracement) and 5 sub-waves in wave A appears to be ending. I am expecting a retrace back to potentially near the broken trend line, and there could be another short opportunity if you see clear ABC pattern. I remain bearish on...

five_waves_trader

Well, I posted "GBPJPY short-term buy", but the price went down and breached what I through was a support. Given this down swing is stronger than the previous up swing, now I incline to think this was ABC correction in a larger degree and is forming impulse down. If the price retrace back with ABC correction (wave 2) with declining momentum, I will consider short....

five_waves_trader Updated 

GBPJPY is likely to have completed wave 4. Under Elliott wave principle, wave 4 should not overlap with wave 1. ABC correction as wave 4 probably ended with the top of wave 1 and 200 SMA (1 hour chart) providing support. This is short-term buy. I will close as soon as wave 5 seems completed or the price does not react as I expect.

five_waves_trader Updated 

ETHBTC has been showing strong upside momentum so far. Now the price pattern looks like forming a running triangle as corrective wave 4. Wave 3 traveled a distance of roughly x1.618 of Wave 1. Therefore, there is a chance that Wave 5 could be extended. Triangle formation is often a precursor for a large move.

five_waves_trader

EURGBP may be forming wave 3 to the upside. There was clear ABC correction after the 5 waves up. If this analysis is correct, the next swing should be strong and fast, and should aim to break past the top of wave . I already started to build a long position gradually around 0.83 when I saw wave 5 of wave C seemed to end. The price action so far looks good. Let's...

five_waves_trader

BTCUSD is potentially still in the midst of Wave 3. The price was clearly supported by 200 SMA in 4 hour chart. Wave iii of Wave 3 is short, therefore there could be a chance that wave v is extended. If the Wave v of Wave 3 is extended, it could reach around $12,000 - 13,000 range. I consider this good risk/reward trade (I already entered around $9700). Let's...