Silver is coming out of a 4.5+ years of bear market after more than 70% drop. The prior bull market lasted 9.5 years, and the correction was just half that time. Sounds perfect?
More so the wave structure looks textbook. The 5 waves were done where wave 4 divides the entire rally at 0.618 level, the guideline from the Elliott wave book is that this is an extended...
The beauty of Elliott wave rules is that, if they are broken we know for sure we have to switch bias. In my previous chart here, we expected there will be a 5 wave move up and assumed in 4th wave correction, but also we give an invalidation level at $6 (Wave 1 top)
Now that is broken, the entire move up can be considered only as ABC (green), what will follow is a...
The current price is bouncing between two ranges marked by red and green arrows, we have resistance from 21 Weekly average (330) and support from 50 moving average (309), one of them has to give way
RSI recently got rejected from top of the channel (red arrow) and now below 50, likely will go to bottom of channel
The bearish rising wedge is an obvious pattern...
This idea assumes we are in a 5 wave down from the top, and we have the 5th wave to play to $250 and below
1) Wave 2 retracement is shallow to 0.382 Fib
2) Wave 4 retracement is deeper to 0.5 Fib
3) Wave 4 looks like a triangle which is a typical consolidation pattern in that place
4) Wave 3 is 1.618 of wave (1)
Wait for confirmation that triangle is...
We appear to be in a complex WXYXZ correction which may come to an end soon. But the price must hold above the green long term support line. RSI is in a downward channel and will likely get oversold when it reaches the support line.
This is the only major cap which has not exploded in price while most of them did 200-300% rally in 2019. XRP may surprise everyone...
This was a little too fast for an organic rally, and the correction was expected for a while. The price tried to breakthrough 0.786 fib retracement (from 20k to 3k) and failed twice, creating a double top
RSI is at the same level (red arrow) in 2016 where there was a 40% correction
The weekly red candles at this level is not a positive sign, even RSI has tapped...
We appear to be in an ABC (red) correction out of which we have the last leg (yellow 5th wave) of (c) to play out. The current 4h subwave will top out now at $260 (0.382 fib) or at $270 (0.5 fib).
T1 is aligned with 5th subwave and (c) wave Fib levels with assumption that this is 4th wave from Dec bottom
T2 will be a stretch goal with assumption that Dec rally...
We had near vertical hike in price and I admit that it was difficult to match the wave count when I tried earlier (see links). But I feel we are close to the top if not topped out.
I tried to justify with the wave count which is showing that we are in the final 5th subwave (blue) of the 5th wave (white), or this could be the X or B wave (fake rallies/Bull traps)...
We appear to be done with the 4th wave (black) correction and now on our way to the 5th wave. Provided with 3 possible targets. Channel top should act as resistance. Take care trading the 5th wave
We have a beautiful 5 wave structure building contained within the channel. We are in the 4th wave and likely close to completion, assuming that the correction will be shallow because wave2 correction was deep
I have 2 possible targets for wave5 in the chart, the larger one expects the price to breakout of the channel.
Invalidation of this setup is price going...
Looks like the bear flag (white) has broken down. Makes sense after the big Wave 3, the lower channel (blue box) should act as target for this fall, that is 0.382 Fib of Wave 3 and also matches the length of this bear flag
All the best
We appear to be done with the major wave 3 (blue) counting the 5 sub-waves (green). This also happens to be 2.618 Fib ext of Wave 1. We now appear to be almost done with the 4th wave correction which is a likely a Flat ABC
Since wave 2 was a deep correction (0.786 Fib of Wave1)
Wave 4 is likely a shallow correction (0.382 Fib of Wave3)
This also coincides with...
We appear to be done with 5 waves as part of the uptrend. Wave 3 was 1.618 Fib ext of wave 1 and wave 5 is 1:1 ext of wave3. This a textbook EW impulse waves
After 5 waves up, ABC correction follows and ideally I would expect the correction to go to 0.618Fib area where there is support (blue line)
#BTC performance has been outstanding. But it appears we are close to the top ($9500), if not topped out.
We appear to be in the final wave (green). I wouldn't advice longing the 5th subwave of the 5th subwave (white) of the 5th wave (see linked EW concept)
Zooming in, we may have 1 small legup, but I wouldn't bet on it unless you are playing with a very...
This count assumes that 5 waves (yellow) are done, and since 3rd wave extended a lot, 5th can be be short lived. Also the 5 subwaves (green) appear to be done. If we assume the bottom in Dec and this 5 wave move as the 1st wave of a new bull cycle, the possible correction levels are shown in the chart from the Fib levels.
However, note that technically the...
Bulls (Optimistic MidTerm):
The recent uptrend marks the completion of 5 waves (yellow). This can be considered as the completion of 3rd wave (white) since the bottom in Dec '18. With that assumption, price is correcting as part of 4th wave and then there will be a move to new highs with targets between 500-600+
The 3 boxes represent the areas of support where...
Thou shall not pass 500DMA! We appear to be done with 5 waves (yellow) from the lows with 335% hike, this is impressive. But I believe we are in an ABC correction now where A (white 1-5 sub-waves) and B (green ABC) are done. The green boxes are hopeful targets to get support for the C wave (red 1-5 subwaves)
This structure becomes invalid if price goes above...