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ABC

Copper. Multi-year correction is over. Target 1.94Copper was doing good during last two years as it rallied from sub-2 to above-3 levels. But the structure is corrective so the wave C finished the correction being equal to wave A by size. Then we saw a breakdown below the white support this March. After that there was a healthy pullback, which was rather menacing as it almost broke the earlier top but failed just one cent ahead keeping the whole structure intact. So the support at the 2.94 level is crucial as it already rejected the drop once before. Watch it to be broken before further meltdown could occur in the copper market. The minimum target is at the previous major low at the 1.94. What is sad about it - copper means economy, weak copper means weak economy...again?
FX:COPPERShort
by aibek
2
EOS detailed TA of the whole correction,atm on a crucial supportStarting of with the correction, from the top to the bottom. Well expected- EOS compared to most of the coins in the top 10-15, during the last bull run, by far had the highest gains, from bottom 3.9$ to the top of 23$. Currently it can easily be said that an ABC correctional wave down to about 7-8$/0.786 ret line has been completed. What can be said for the future? The 0.786 support, has been decently broken, but to some extent it is holding still, mostly because it's on an the angle line support, from the previous correction. Here, the crucial point will be, if bitcoin holds it ground around the current levels, or eventually seeks a strong bounce from the 5400-5600 support zone. Lately Eos longs have somewhat recovered, and I could see that trend continuing, unless the bears successfully push the price bellow 6.8$. Current entrance on bitcoin/EOS offers quite a good risk/reward(Stop-loss bellow 6.8$), hence my strategy this time is long on EOS. Overall, I do expect an uptrend from EOS, and a positive price action this weekend, but only time will tell. Do comment your thoughts, additions or critics, as this is quite a critical time for EOS also. -Happy trading folks- . . . . Disclaimer: //This is not a buy or a sell sign, you decide what to do with your own money!// If you liked my take on EOS, or other markets, agree or follow for more interesting ideas, it's all very much appreciated, cheers!
BITFINEX:EOSUSDLong
by step_ahead_ofthemarket
NZD/USDWatch NU at the .618 level. You have equal length lining up there also, pitchforks. Very strong level. Wave pattern on the larger scale tells me one more up to break the high. AU has been holding at the .618. Would be worth taking a look at Aud/Nzd when NU hits the .618 level. May get a sell on it when that happens. I think NU is correcting to complete a larger triple combo pattern with a large move down in the future completing a "Z" wave. But where it is at in this smaller corrective pattern has me expecting this move to be corrective to make one more push up.... Watch that level. Could take some time to develop.
by thillygoosth
4
ETH Correction Wave C and Fib LevelsHere we have a possible Elliott Wave count on the 4h chart where ETH is currently in the C wave of an ongoing ABC correction. ETH going above the swing high from wave 5 (830 level) or the even 725 level might confirm the end of the correction and the start of a new impulse wave. Fib extension levels of wave A are shown by the dark orange levels. Fib retracement levels of the green impulse wave are shown on the right. Both the fib arcs and fib spiral are taken from the low to the high of the impulse wave. The scale has been locked at a ratio of 2. Please note that the positions of the uncompleted waves are arbitrary and should not be taken as price targets.
KRAKEN:ETHUSD
by madwarrior
Eur/AudEA looks to have produced a sell setup. I would think we might get a trend line break. It is coming off the 50% retrace. You see the .618. I would think we would get a larger structured correction if it is gonna go down more. We have what looks to be a "W", so I would be looking for an X. If it hits that first zone, we may get a quick 5 wave up to the .618 when you consider it in relation to the top trend line. If that did happen I would then be looking for a 3 wave correction from there. If it were to break out and hit that lower zone, you may want to just let some ride to break the low, but also consider taking a buy setup if you get one, with the possibility of a larger correction up, but also a running flat. It will all just come down to how the pattern and price action develop to and at these levels.
by thillygoosth
USD/CAD LOLI know you can't see the chart, neither can I. But what I can tell you is that the 134.00 price level (basically the .786 from B-C high to low, is a key fibonacci level for many reasons, pitchforks, multiple trend fibs. I've looked at this pattern every way I can and it labels corrective every time. We may even get a nice sell from here, but that's a totally different discussion pattern wise. But basically, if Ucad hits 134.00, it should react down and there should be a long term sell to downside, at least to correct 50-62% of this upward pattern with the possibility of breaking the low. But I am talking about some long term stuff here. It looks like it is consolidating above trend line for a sell, but I am not completely convinced just yet.
by thillygoosth
BTC 5k Blues: Prolonged Elliot ABC CorrectionHey fellow TA enthusiasts! I have some good news! We are likely to start going back up for a while, and we will once again visit the 8k region for a welcome breather! Sadly, signs are saying that our revival will be short-lived, and will be followed by another deep dive. And this time, we will get to see the dreaded depths of 5k. Let me walk you through it: Elliot Wave theory states that every positive impulse wave (consisting of 5 waves: 3 up, 2 down) is followed by a negative impulse of 3 waves (2 down, 1 up): this is called an ABC correction. Each downward wave in itself also consists of 5 waves (3 down, 2 up). Currently we are in the C-wave of the correction. More precisely, we are at the bottom of the 2nd downward wave of this C-wave. Meaning we are due another upwave, followed by the 3rd and final downward wave of the C-wave. If you view my previously published ideas, you will notice that I have already predicted this before with a different reading of the chart, and a different end of the C-wave. Back then, instead of the C-wave completing, BTC suddenly halted and shot back up, taking me by surprise. It didn't make sense to me: the C-wave hadn't completed yet! Was BTC escaping a full ABC correction? Of course not! However, instead of taking the shorter, sharper pain that I previously predicted, it appears that BTC is opting for the route of prolonged, dull pain. It might not take us down as deep, but it will take twice as long. We will pay the price; the market will get its due. But, don't be gloomy: we have some opportunity for profit in the short term, and there is light at the end of the tunnel. And meanwhile the bull is feeding and getting stronger...
BITFINEX:BTCUSD
by iVonomics
2
USDMXN - A potential reversal trade in the makingOn the daily timeframe, price has completed a 3-wave structure (ABC), hitting the ratio expectation between 20.39 - 20.97 area as well. On the lower timeframe, we are seeing a diagonal structure forming with a divergence in RSI too. These give us a good reason to be looking for a potential reversal trade on the USD/MXN, targeting 17.81 as the first target. *Disclaimer - This analysis alone DOES NOT warrant a sell trade immediately. Before you enter any trade in the financial market, it is very important that you have a proper trading plan and risk management approach. The sharing of this idea is neither necessarily indicative of nor a guarantee of future performance or success.
Short
by KarYong
7