we would be up for a complex correction so going long is sort of dangerous. Going short under the assumption of a 5th wave to be completed is a no no. The better trade would be to wave for a 5th wave completion and watch out for a reversal and then, go short. If one would are to go long right now, 1.2870 seems like a decent buy level until 1.30
Possible 5 wave or ABC structure forming. In case of it being a 5 wave structure, the 3rd wave just got started. This tends to be the longest wave. Strong supports and take profits at confluence of fibonaccis: ≈ 1.2800 which has already been tested ≈ 1.2723 which could start the correction of the possible 3rd wave of the 5 wave structure ≈ 1.2636 which would...
This is on a weekly TF so allow for intraday volatility. Based on structure a short for EURUSD seems in order. Entry at 1.11725 Since a 0.618 level is at near the bottom of the structure, that would be my take profit at 1.08312 Will be looking for a good entry on the daily TF.
Base on Elliott's guideline of equality where if wave 3 is the longest, wave 1 and wave 5 should be equal, the DJI shouldn't go higher than 21785. Based on this we should be very close to a correction. A wave analysis of the S&P500 shows it is too close to a correction based on the same guidelines. S&P500 idea linked below.
You could: 1. trade the 1hr triangle or 2. trade a 1hr 3rd wave or 3. trade the B wave of a daily triangle. Endless short possibilities Fibos show the possible take profits and stop losses.
Been long for a while on gold. Just wanted to publish this to keep it. This would also imply a short on USDJPY
Our potential 5 wave structure still holds. We could be in a 4th wave triangle breaking after hitting E. A risky trade is to wait for E and a reversal to go short to 110.555 Less risky trade is to wait for triangle break after reversal at E, wait for a downwards formation and short to same target 110.555
USOIL starting a corrective wave after a 5 wave structure. A wave still has a way to go but first it must do its ii wave and then move to iii wave to complete it's A wave. Upon completion of A, go long
Guideline of Equality, in which wave 1 is equal to wave 5. Although Wave 5 of 5 could fail to make a new high, so correction might come sooner. Load up in Gold and yen. Short USD. Short idea for USDJPY linked.
It would seem as we are about to complete the 5th wave of a 5 wave structure on the S&P500. Given that we could state we are in wave 4 of wave 5, we could expect a wave 5 of 5. This could be finished at the confluence area of the 1.27 and 1 fibonacci in 2493 - 2527. Wave 5 of 5 could also fail to make a new high and go short way before. In conclusion, it could...
After a complex correction in wave 2, a simple corrective pattern would be expected for wave 4 and unto wave 5.
Enter now or around 112.317 TP around 113
just gorgeous. Symetrical AB to CD. Retracement to the confluence of 0.382 and 0.236.
UJ is clearly having trouble staying long. Is the triangle signaling an exhaustion? Short seems likely if it bounces off at the concentration of fibonaccis. Agressive go short at 111.290 or wait for confirmation at break of triangle with take profit 1 at 110.920 - Fibonacci 0.618 take profit 2 at 110.666 - Fibonacci 0.50 (aggressive)
two things happening here: A gorgeous ABCD pattern and the possible completion of the B wave of a Zig Zag. Both would indicate a long is in order for USDJPY. Entry now or wait for further confirmation of the long, I have a stop order at 110.600 TP1 around 111.300 with is full of levels TP2 111.910
Entry around 1256.10 TP1 1245.10 TP2 1235.45
lots of Fibonacci on this zone. short to at least 110.645