WaveSavvyTrades

WaveSavvyTrades

This symbol is trading in a broadening megaphone pattern. If resistance of the pattern holds, bears could be in for a feast. On the flip side, we go back to the drawing board.

WaveSavvyTrades

The recent uptrend in BTC seems to fit what could be described with Elliot wave theory. If this hypothesis is correct, the BTC is due some correction. This uptrend seems to be occurring in a channel and price is currently at the resistance of the channel. If the resistance hold, I expect BTC to make some correction to the 40K area (wave 4 or start of wave 5)....

WaveSavvyTrades

This symbol seems to trade in rising channels. So far price is currently trading in Channel A (smaller channel) and currently facing the resistance of this channel. Would price break the resistance of channel A and move towards the resistance of channel B or will channel A hold?

WaveSavvyTrades

In January we had a bearish wedge formation on this symbol and were expecting a bearish move. However, price has kept grinding up. Price went through the resistance of the wedge and now currently trading in an ascending channel (which is usually bearish). Do you see bullish continuation following break of the wedge or do you see the channel bringing price back...

WaveSavvyTrades

The Dow has been trading in a rising broadening wedge (a potent bearish pattern). Price is currently at the resistance of the wedge. If the resistance holds, there is a high probability for price to follow the red arrow. Note that it will not be straight line fall to the support of the wedge.

WaveSavvyTrades

The price of BTC has been trending up in broadening wedge. Price is currently at the resistance of the wedge which is also in confluence with a resistance on the weekly chart. Inside the broadening wedge, price has broken to the upside of a rising channel - normally indicating bullish, but further upside is currently limited by the the resistance confluence. If...

WaveSavvyTrades

Structurally ETHUSD has been trending down since the high of November 2021. This structure seems to be in-line with Elliott wave theory. Price is currently in a rising wedge and completing the ABCDE structure. Rising wedges are usually denoted as bearish structures. Further, in ABCDE structures, price tends to move in the direction of wave B. If this assumption...

WaveSavvyTrades

This symbol has been trading on a trendline since it made the low of 1.20 in May 2021. Price is currently approaching the trendline again. If the support holds, I expect price to bounce to the 1.39 levels

WaveSavvyTrades

Critical wave analysis of this symbol seems to show that the pair might have put in a bottom in September 2022 (price of about 0.9535). From the bottom the pair has completed a first major wave uptrend which ended at 1.1030 region. It then made a correction from 1.1030 to 1.0530 to begin the first minor wave of major wave 3 (price from 1.0530 to 1.1080). From...

WaveSavvyTrades

The current price action of this symbol has been persistently trending up with little to no correction. The price movement fits what could be described by the Elliot wave theory. Price is currently underway to completing the fifth minor wave wave of the current trend which is expected to end at 176.4-5 area. Further, the 176.4-5 zone seems to correspond with a...

WaveSavvyTrades

Since finding a low in September 2022 at about 1.03 price level, this symbol has been trending up. It has completed an Elliot wave pattern from the 1.03 floor to a high of about 1.2683. The pair is currently undergoing an A-B-C correction and the solid line at point B (1.2535) is the 0.618 fib correction from the recent high and also a former resistance in April...

WaveSavvyTrades

The recent bullish move of this pair started from 158.40 level and went all the way to about 172.35 level (October 2022 high). During this bullish move, the symbol completed three 1-2-3-4-5 subwaves and two A-B-C corrections between the subwaves. The first 1-2-3-4-5 subwave from 158.4 to 165.40 constitute the first impulsive wave of the major wave. The second...

WaveSavvyTrades

This symbol has been trending down since it made the high of 0.7155. The price has recently completed a 1-2-3-4-5 wave down and made an A-B-C-D-E correction. After the correction, a new minor 1-2-3-4-5 minor wave has began to the downside. The minor wave has currently completed waves 1-2-3-4 and found resistance at the 50 daily SMA. Further, the minor wave in...

WaveSavvyTrades

Following the price action closely it can be elucidated that it has been forming chart patterns and waves. The current impulsive bullish movement started from the head of the inverted head and shoulder at point C (price level of about 158.5), completed a double bottom in the channel and price is currently approaching the October 2022 high at about 172.10. I...

WaveSavvyTrades

This symbol is currently trading in a consolidative channel and forming the a-b-c-d-e correction of wave 3 to form wave 4. If support of the consolidative channel holds, I expect this symbol to turn bullish to complete wave 5.

WaveSavvyTrades

I felt I have to keep you updated. The direction for this symbol seems to have changed following the CPI data. This is also supported by the price structure on the daily chart, price need to complete a wave 5 to about 1.2655 region (See white lines). Further, price has broken the previous tops of December 2022 and January 2023. So for now bullish bias is more favoured.

WaveSavvyTrades

This symbol has been trading in a channel since March 2023 till date. The support of the channel has been broken. Further the pair has been gradually trending down in the channel in a wave-like fashion, and the price seem to have completed wave 1, and formed an a-b-c (double-top) correction as wave 2, and wave 3 down seem to just about have started. If this...

WaveSavvyTrades

The recent dollar correction has been annoyingly very slow and after long periods of choppy downward correction, it seems that bullish dollar is back on the table. The recent leg up (first major wave) found resistance around 105.86 and has since been treading lower from March 2023 till it found a bottom at 101.41 (about 0.786 fib) from when 100.81 (Feb 2023 low)...