Abcpattern
AUDCAD (Gartley Pattern) -4h ChartConfirmations for Gartley Pattern
- A-B must touch 0.618 but cannot touch 0.786
- B-C must touch 0.236 but cannot exceed A
- D completion at 1.272 (Trend Extension) or 0.786 from normal measurement
- take profits at 0.382 and 0.618 (Fibonacci from A-D)
Good Trading.
EURCAD (Cypher Pattern) -4h ChartConfirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618 (on this case B is at 0.5)
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
ABCs inside left leg gave bearish impulse for ABCD pattern iniciation, so we can get a clear bullish impulse towards D completion at 0786 for our Cypher Pattern.
I expect price to be bullish until that point (0.786) for Cypher Pattern confirmation and sell.
Good Trading.
Short Squeezes, Pumps, and Dumps, Oh My!This market seems rife with short and long squeezes as evidenced by the many rapid red and green cliff-hanger price movements. However, the market does appear to genuinely want a correction after the recent bull move from $6k to $10k. The bear squeezes seem to be an attempt to shake out the highly leveraged shorts, who are (perhaps inadvertently) contributing to the high market volatility. Corrections are normal, without corrections there would be no infusion of new capital thus providing foundation and support for new highs. But highly leveraged shorting in crypto is just asking for trouble. Any professional trader worth his salt will advise against leveraged trading in crypto, unless you are okay with living on the edge and getting your account wiped out.
But this is crypto and so we must deal with all the market manipulation and extreme volatility, and try to find our way through the forest and the trees.
As far as TA goes, we seem to be in the 2nd leg of a C wave of an ABC correction. Looking at the above chart, the first A wave of the correction brought us down to $8200. One thing that's interesting is the appearance of a "black swan" truncated 5th leg that stops a little above this low, instead of proceeding past it as 5th waves normally do.
This is followed by the B wave consisting of a triangle ABCDE correction, which is very apparent and shown in orange. Then begins the C wave of the broader ABC correction, in which we have completed the 1st leg, and part of the 2nd leg.
Additionally, the end of the 3rd leg and 4th leg correspond to broad 0.618 and 0.5 fib. retracements which are common reversal/inflection points.
Also interesting to note is that the $7500 target seems to coincide with the broad 0.707 fib. retracement which many traders attach much significance to.
All this suggests a price target around $7500 before we begin a broader bull move, possibly to new highs.
However, it's worth considering an alternative formulation. It's possible that the ABCDE correction in orange actually comprises the 4th leg of the broader A wave, and the recent $8100 low, is actually the 5th leg of that broader A wave. Which means that we are just beginning the B wave of the broader ABC correction, which has a tendency to be a bull trap as it can be quite deep. This could mean that we might see some higher prices first, up to as high as $9k, before resuming the downward trend. If this scenario plays out, it means that the final target will probably be a little lower, perhaps around $7k-$7.2k instead of $7.5k.
In any case, we can be sure of one thing: it's going to be a thrilling ride.
Target: $7500
EURAUD, 240, END OF ABC CORRECTION? look like it finished ABC pattern, time for bullish.
RSI Shows oversought which is the signal for us to enter trade.
Leading diagonal wave is broken by a nice yellow candle which shows the volume of the market and ready to go up.
The market bounces at demand zone showing this is a strong support.
AUDUSD (2618 and ABCs) - Daily Chart2618 Setup
- double floor
- measure impulse
- retracement at 0.618
- TP at -0.27 and -0.618
Double Flooe + 0.618 = 2618
There's a perfect support and retest for that double floor that gave us this bullish impulse towards -0.618, at this point a major retracement is needed for further bullish movement, ABCs gave us that by consolidating and reaching 0.786 for major retracement.
MACD shows lower low expecting bullish impulse.
Good Trading. - Daily Chart
LONG ABC Correction is coming, Multiple Time frames analysisGood Morning Traders!
We saw a sharp decline in 5 waves down to the 3 month low. From This point, I expect at least ABC correction in this market to 38% Fib lvl -0.51% . Nevertheless UK economy is in a SLEEP MODE and chances of another Intrest Rate hike by BOE in May is nearly 0.
From Daily chart, we can see that Price is hovering near 200 MA and uptrend channel line from where we can see this ABC correction. As well We can see that price is about to retest the previous counter-trend-line thus there can be lots of bulls waiting to enter into this market.
All the best,
VW.
ABC Correction is coming, Multiple Time frames analysis Good Morning Traders!
We saw a sharp decline in 5 waves down to the 3 month low. From This point, I expect at least ABC correction in this market to 38% Fib lvl -0.51% . Nevertheless UK economy is in a SLEEP MODE and chances of another Intrest Rate hike by BOE in May is nearly 0.
From Daily chart, we can see that Price is hovering near 200 MA and uptrend channel line from where we can see this ABC correction. As well We can see that price is about to retest the previous counter-trend-line thus there can be lots of bulls waiting to enter into this market.
Best Regards,
VW.
BITCOIN : ELLIOT IDEA FOR LONGAfter having finished the ABC correction wave, we may enter in a new impulse wave on the long-term.
The impulse wave I drew thanks to Fib retracement, indicates the different zones where we could find tops and bottoms.
During the next few weeks, bears would dominate the market until we reach the buy zone located between $7826 and $8255. That zone matches the 50%-61.8% zone of the Fib retracement in which the wave two often completes.
I would update that idea if some changes happen in the market.
BTC 5-10-18 Putting together a possible scenario for the correction of the 5 wave, then longing the shit out of the corn.
WTC to come down to be in a good spot for a buyReasons for WTC coming down
Bearish MACD
Elliot wave count
Bearish RSI
Current ABC pattern forming a bullish triangle
I think WTC is looking good in the long run it is in a good position for a big wave up aiming for the 0.618 retracement on the fib to start stacking some buys around $0.88c
Looking like it will be a breakout if it breaks the upper most trend line could be around 3 to 6 weeks rough guess
This isn't advice this is me thinking out loud don't listen to it :)
GBPAUD, 240, GO LONG??Clearly see that it s making the flag correction which is ABC irregular flat pattern.
And it touches the trend line of the bottom tunnel.
RSI shows Oversought which is the signal to enter the trade.
GBPUSD, D, GO LONG??Look like it just finished the correction with ABC pattern (regular flat).
We have it touches the support line and the up trend line.
Oversought in RSI is the signal for us to enter the trade with less risk and high profit.
EUR/USD, DAILY, REVERSAL???Time to reverse? reasons:
1. It touches the major support line created by previous resistance line.
2. ABC pattern formed.
3. Flag pattern formed.
4. RSI over sought is the signal.
A couple of BTCUSD Tradeshere you can see the triangle breakout caught. Rose up to inflection point at $8189.00
then produced nice breaish Hammer Candle and I closed out for around $650 gsain
Went shot for a quick retrace to the 61% fib level and coinsiding with moving averages. This produced another $150 gains
New order placed for just above 10SMA to catch next run up to $8220.00 level
Lets see - pls be gentle in reviewing.......
Have a great night traders - Happy Hunting.
BTC - Correction - Elliott Wave Principle Hello, I wish to thank you for reading this analysis and I hope that you enjoy it. My original intent when writing this was to show, in detail, the rationale for my position, in clear, easy to understand, layman's terms as I have done many times before. As I worked through everything I came to the decision, that I would instead describe my analysis using the words of Robert Prechter and A.J. Frost, as written in their invaluable text, The Elliott Wave Principle (New Classics Library, 1978). All excerpts from the book will be marked in quotations, followed by citations of page (pp.) and paragraph (par.) from which it was sourced. In this way, with a copy of the text one could follow and/or provide feedback in the case that I overlooked something. With that I begin with a quote from the Practical Application section of the book:
"Despite the fact that many analysts do not treat it as such, the Wave Principle is by all means an objective study, or as Collins put it, "a disciplined form of technical analysis." Bolton used to say that one of the hardest things he had to learn was to believe what he saw. If you do not believe what you see, you are likely to read into your analysis what you think should be there for some other reason. At this point your count becomes subjective and worthless. How can you remain objective in a world of uncertainty? It is not difficult once you understand the proper goal of your analysis. Without Elliott, there appear to be an infinite number of possibilities for market action. What the Wave Principle provides is a means of first limiting the possibilities and then ordering the relative probabilities of possible future market paths." (pp.94-95, par. 4-1)
I am inherently neither Bull nor Bear; I believe what the chart shows me and express my analysis as such, whether that be Bullish or Bearish, it is what I see and I believe what I see.
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"The single most important rule that can be gleaned from a study of the various corrective patters is that corrections are never fives. Only motive waves are fives. For this reason, an initial five-wave movement against a a larger trend is never the end of a correction, only part of it." (pp.41, par. 2) "Sharp corrections angle steeply against a larger trend." (pp.41, par. 3)
This Daily candle chart shows my preferred count for the entire BTC Correction that began in December 2017. It can be seen that the Correction began with a steep, declining, Motive 5-Wave that took the price from All Time High to 5811. As plotted my count is an ABC, 5-3-5 formation, zigzag.
"... diagonal occasionally appears in the wave 1 of impulses and in the wave A position of zigzags...A leading diagonal in the wave 1 position is typically followed by a deep retracement." (pp.40, par. 2)
A closer look at the 6 hour chart shows that the correction began with a leading diagonal for wave 1 down; the 18 hour chart below this also shows that diagonals have been common during the Correction.
"The A wave sets the tone for the B wave to follow. A five-wave A indicates a zigzag for wave B..." (p.81, par.2)
My count shows that wave B was a zigzag from 5811 to 11800...
"Within impulses, second waves frequently sport zigzags, while fourth waves rarely do." (pp.42, par. 3)
Primary wave 2 of A and wave 2 of C are zigzags.
BTC/USD IT'S CLEAR NOW - ELLIOT WAVE & ABC CORRECTION WAVE !!Good day everyone,
It's clear now that we are almost done for ABC correction started on Dec 2017.
First scenario and this the most thinkable scenario is to bounce from the double bottom area this will need a good volume to break the hard resistances on the way i don't think it will take time to fly.
The second scenario is (C) wave will take us deep to 5000 & 4000 area looking for strong support to bounce from there.
The worst scenario would be to go more deeper (3000 area) and bounce from the uptrend that we have since 2016, But i don't think so.
This is not a trade advice.
Best wishes.
ROAD TO THE GOLDEN LITECOINHi guys,
I needed to do that analysis to share with you a great opportunity.
The ABC correction is about to end soon. As you can see on the chart, we have a double-bottom forming. While LTCUSD is stagnating, RSI indicates a nice bullish divergence coming. MACD also confirms that move as the green line crossed the red.
In a short-term we should retest the falling wedge support to go to $137 significant support. If the bullish move is strong, we could recover $160 where we could find our Fibonacci middle support.
That was a short and brief analysis, hope you enjoyed, whatever you think you can agree, comment or follow to see my next analysis.
Have a nice Sunday ! ;)
Potential ABC pattern NZDUSDThere is a potential bull signal in the making, buy if breaks to the upper side, expect a good target. breaking bad,... you know what to do, potential resistances are marked
PS, Sell hard if PA reaches .76 - .761
Cheers !
BTC big deep - big up to come?Dear Crypto friends,
we are facing a relatively crazy BTC moment, but as you know crypto is always a bit weird!
so after a big deep to almost 6500 BTC started to pump back, now at almost 7100, it will probably build an A-B-C correction to around 8K and afterward we are still expecting a dump lower.
MacD underbought and volume very high are a good reference to the next days pumps.
Stay tuned and like, share comment if you enjoyed the TA.
*this is just my opinion I'm not a professional advisor! Make your choices wisely and manage your risks!
