With more than 2 months of choppy sideways direction, the pattern is finally revealing itself as a giant triangle with a likely possibility of it breaking down. Confirmation: Below $280/$270 Invalidation: Above $335 Target1: $230 Target2: $170/150 -Elliott waves also align with this being considered as a (B) wave formation -50DMA ($308) has crossed below 200DMA...
The blue channel's median line offered support 3 times (green arrows), but now it appears to be broken. Further the ABC correction appears to be still in play within the red downward channel RSI dropped below 50 again! Targets are either the greenbox which is the blue channel floor and 0.5 fib retracement OR bluebox which is red channel bottom and 0.618 Fib
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 In favor, 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 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)
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 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...
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...
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...
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 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 Stop: $273
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...
#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...
The chart looks like a textbook EW - 1st and 2nd wave (yellow). We appear to be done with wave2 ABC sub-waves as A:C length is 1:1 and also we got support at 0.618 Fib (of Wave1). Note that Wave3(yellow) is the most profitable one and we appear to be at the beginning of it as long as we stay above the blue dotted line. The Risk:Reward is pretty good.
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...