The closer we look at it, the more it appears to be a contracting ending diagonal in a 5th wave of minute degree. Moreover we do observe some wave relationships around the Sep. 2017 / Jan. 2018 double top. Minute wave one is equidistant to minute wave five right. The setup is there for the pattern. Let’s be patient for the moment! An immediate swing below 1.1845...
SPX intermediate wave relationships within primary wave 3: (3)= 3x(1) ; (1)=0.618x(5) ...intermediate wave (3) obviously extended
The Nikkei is likely to followthrough to the upside. Our two main reasons for this call are: 1. There is no clean wave structure that can fit the current pattern into a terminal structure. We do see 9 waves up from the mid 2016 interim lows. There is no way to fit a non overlapping 1st and 4th wave within this structure though. 2. Equity index trends do very...
The Dow Jones went up the green trend channel without any sizable retracement. This fits to the character of a third wave. We currently suspect that wave iii° is near its terminal point. Our short term forecast is depicted in the very first chart below. We expect the entire correction to be between the 23.6% and 38.2% fibonacci levels of wave iii°. This means a...
Clearly going within green trend. No meaningfull retracement. Best interpretation is "It is still a 3rd wave"... It may have ended in a wedge yesterday or followthrough to the upside in a Santa Claus rally. No good Risk / Reward for a trade setup at the moment.
Complex Pattern - Looking to remain within the flash blue trend channel. Wave action should develop swiftly to the downside if our case here is valid. A break of 114.70 invalidates our setup.
It is likely that the contracting triangle played out in the CAC 40. The triangle counts as complete at this point. We expect swift price action to the downside into the 5,150-5,235 area. We'll focus on a buy the dip opportunity accross Europe rather than shorting at this stage.
The Nasdaq 100 is either in or near its iv°th wave. The chart shows the respective elliott wave count. The market has followed the pale red trend channel for wave iii°. We expect a shallow iv°th wave in alternation to wave ii°, which had a deep retrace. There may be another spike up before wave iv° kick in. The spike up is not required at the moment however. All...
...in a third #Elliottwaves The Bitcoin put in 5 waves to the downside. Moreover it rebounded right on our green trend channel. It is currently in a minute degree b-wave that reached exactly a 38.2% fibonacci retracement as we publish this. Next major resistances to the upside are 15,400 and 16,400 levels. We forecast this rally to fade somewhere between now and...
WTI crude oil started a bullish trend in June 2017. We forecast further upside in the crude oil complex. The WTI oil price has been moving sideways since one month. It may have traced out a triangle. The move from the 24th November top looks complex, which is typical for a C-wave of a triangle. The entire trend shows 9 waves to the upside from the starting point...
The Nifty 50's Elliott wave pattern looks like a rally just started that will carry on well into the year 2018. Past days wave action transformed the drop from November 6th into a three-wave corrective pattern. The road to the upside is now cleared. We forecast strong gains for the weeks ahead as the Indian market appears to be inside a third wave to the...
The FTSE 100 has been moving roughly sideways throughout 2017. However, things seem to clear up for the FTSE 100 at this point. It seems to trace out a contracting ending diagonal to finish intermediate wave (1). The character of the sideways movement reminds us of the period 2013-2014. Back then the FTSE traded similarly. We are currently in wave (c) of minute...
We forecast that either the black or the blue count turns out. We'd wait until we get confirmed breakouts in 2-3 major European indices before entering long positions in Europe. We refer to establishing above the beginning November highs as a "breakout".
Our Nifty forecast is seeing a trend to the upside. Any potential wave (v) is way too short relative to the previous impulsive waves. Therefore we expect wave (v) to be at a very early stage. We expect the previous wave (iv) low to hold if our analysis is correct. In that case we expect Indian stocks to rally well into 2018.
Any potential version of wave iv° looks too short to be complete right now. Moreover a closer look at wave ii° shows that we should expect wave iv° to be relatively shallow and complex due to alternation guidelines. The conclusion is that wave iv° is not in yet. We’re looking for a 2%-3% correction in total until wave iv° fits into a valid elliott wave pattern.
Did Bitcoin just show us its top in a wedge formation??? This is now counting as a contracting ending diagonal. It is at the very end of multiple waves of higher degree. The pattern gets invalid as soon as 21,300 is traded. Very risky setup for trading either way currently. Better to wait for confirmation of what is going on.
The FTSE 100 is currently working to form wave (2). It looks like a complex pattern. This scenario assumes that wave (1) already finished in January 2017 and the FTSE has been correcting since then. An irregular flat is a structure that may reach new highs as part of its subwaves. Therefore we label the June 2017 high as a B-wave. The FTSE seems also to trace...
It looks like the Eurostoxx 50 is tracing out a contracting triangle as part of its correction. The structure is nearly finished and should resolve with a spike to the downside. Overall the structure most likely forms a corrective zig zag before the most European equity index continues its journey to the upside. We are bullish after this correction completes!