Wave (4) of EURUSD slightly missed the target and fell down swiftly.
As Wave (4) is over, we can estimate the Wave (5) targets.
There are two Wave (5) target zones:
(1) around 1.14
- Wave (5) = Wave (1), 1.1451
- Wave (4) will divide the higher degree impulse wave in golden section, 1.1417
- 1.382 reverse Fibonacci target, 1.1379
(2) around 1.12
WTI went close to, but did not reached 67.5 (38.2% retracement of the initial leg down) and broke the upward channel downward.
After the breakdown, it retraced almost 78.6% and started to fall again. The retracement was a clear three-wave rise and this means that the bounce back was corrective to the higher degree movement.
Based on Wave 1 & 2, we can estimate...
The corrective rally in May has been stopped at the bottom line of the upward channel.
The support has been changed to the resistance. It is a good confirmation of a trend change.
As there was overlap between Wave 1 & Wave 4, I have updated the wave count.
In the new wave count, (2) = 0.382 x (1). As a typical retracement target for Wave (2) is 0.618 x Wave (1),...
As expected in the last post (check weekly chart in the Related ideas), WTI dropped over 10% from May top. Since then, it is just moving side ways.
The upward channel is forming, and its angle is not as sharp as that of the preceding decline suggesting that this upward movement is a mere correction.
From the channel lines and Fibonacci retracement level, we can...
As soon as BTCUSD broke the channel downward, it swiftly fell 6700 area which was the support in April.
I updated the Wave counts bearish as it seems the decline from May top is developing more impulsive than corrective. Based on this scenario, the sudden drop from the channel may send the price slightly below the April low (6400 area) and will possibly bounce...
EURUSD indeed fell below 1.16 (almost claim 1.15!) and rebounds since.
We are now in Wave (4).
Where and when can we expect Wave (4) will end?
In terms of price target, around 1.867 seems a good target area:
1. From Wave (4) = 0.618 x (3), 1.18793
2. From A = C in Wave (4), 1.18667
If stretched, it may go up to the previous Wave 4 extreme, around 1.2.
The decline of BTCUSD has reversed from the targets of previous posts.
With slightly adjusted wave count, it seems that Wave C of (2) has ended near A = C target and (2) = 0.786 x (1).
However, the bounce has been lukewarm and does not give us confidence, yet.
The price movement formed a small up-trending channel, but the angle is not quite sharp and RSI wanders...
KO moved out of the downward channel.
While KO has been in the channel, it formed a three-wave structure which is corrective. If this correction is over, the price should go above the starting point of the correction.
To make sure KO is in the uptrend, the high of yesterday's bar can be a stop-buy target as the entry point.
The initial protective stop can be...
GOOGL formed a bearish Gartley pattern. As B is not perfect 0.618 of XA, it is not ideal, but I guess it is worth a look.
Last Friday, it cleared all the price targets in the PRZ. I would like to wait for one more day as the Gartley Patterns of NDX and XLK broke upward.
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In my previous NDX charts, I've used 1.41 B-C as a component of PRZ. This lead the interpretation of not fully tested PRZ.
If I use 1.27 instead of 1.41, then all the three targets in PRZ have been touched on May 14 and the reversal has happened.
Based on this view, yesterday's bar moved higher than High of T-bar, and pulled back. I don't want to see this as the...
AUD has lost its value against USD along with other major currencies this year.
The downward break out of a long-term trend line is not a good sign for bulls and suggest a potential trend change.
The decline since early this year's high seems like a developing impulsive move with (1)-(2)-1-2-.. sequence.
If the wave label on the chart is correct, the next move...
EURUSD moved below 1.17 and reached the initial target.
As the wave (3) target is reached, it is possible that the bounce will start soon.
However, the current wave 5 seems developing as an ending diagonal and possibly going lower. If that will be the case, we may briefly see EURUSD to breach 1.16.
Potential target Fibonacci cluster:
(1) Wave 5 = 1.618 x Wave...
I am still counting the waves in a corrective mood but the current level seems very important to keep this view.
After making a bit short three-wave rally (B), BTCUSD fell aggressively.
It stopped at the area of a Fibonacci cluster:
(1) (C) = 0.618 x (A), 7367.8
(2) (C) = 2 x (B), 7206.0 (reverse Fibonacci)
(3) ((2)) = 0.786 x ((1)), 7188.0
If the price will...
XLK reversed from the PRZ of the bearish Gartley Pattern after clearing all three targets. However, it quickly moved back into PRZ and stayed there.
If the Terminal Price Bar (labelled as D) will be violated, the price will go higher with the predominant trend.
Watch out for 70.42.
NDX reached the PRZ in the bearish Gartley pattern in the last post.
Did NDX completed the pattern? It seems so, but I have two hold-backs: (1) it reached the PRZ too early, and the time between BD is much shorter than XB; and (2) it cleared two of PRZ targets, but there is still one more target to be cleared. Maybe there is one more push towards the last target...
WTI is showing weakening bullishness as the price is making a new high for this year while RSI is not. The rally may not be over yet, so this divergence may be resolved with RSI catch-up, but some resistances in the market need to be overcome.
First barrier would be a Fibonacci level. Usually in the corrective wave, the length of ((C)) would be same as that of...
BTCUSD hit the upper boundary of the target zone (7780-7950) in the previous post and started bouncing back.
Given the structure of the waves, the correction from May 5th high seems to form a zigzag. The common retracement target of Wave (B) in a zigzag is 61.8% (around 9200). Some other guideline suggests that the retracement target would be wave 4 of the...
Walt Disney formed a big triangle since the top of 2015. The Elliott wave structure suggests that this consolidation is nearly over.
The triangle pattern in Elliott Wave theory has a specific definition. One of the requirement is that each leg from (A) to (E) should be composed of three legs. As shown in the chart, all of (A) ~ (E) have nice A-B-C structure....