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Correction

even more correction needs for future gain ❌🧨Hello 🐋 the price again entered to the parallel channel ✔️ if the price doesn't break the resistance zone to the upside and just complete the retest, we will see more correction, at least to our lower trend line ❌🧨 otherwise we can see more gain to upper resistance level ✔️🚀 for any other huge pump, we need more correction 📖📖📖📖📖 if breakout of the lower support zone be completed, we can see more correction to the downside ❌🧨 brief amount of green candlesticks to the upside before any other movement is logical 📖💡 👌 Notice: pay attention to the price on shortcut chart (located above the main chart with black colour) 📖💡 Please, feel free to share your point of view, write it in the comments below, thanks 🐋
Short
by MadWhale
9
Daily ETH 4HChart - resistance and supportHello everyone, let's look at the ETH to USDT chart on the 4-hour time frame. As you can see, the price is staying above the local uptrend line. Let's start by drawing a support line in a situation where the correction will deepen, the first support in the near future is TSE:1942 , if the support is broken then the next support is HKEX:1915 , HKEX:1895 and $1871. Now let's move on to the resistance line, as you can see the first resistance is TWSE:2029 , if you manage to break it, the next resistance will be TSE:2072 , TSE:2107 and $2140. Looking at the CHOP indicator, we see that the energy has been used up on the short interval, the MACD confirms the local downtrend, while the RSI shows a strong rebound to the lower end of the range, which can give some rest.
by cryptodailyuk
1
BTC Analysis of the current correctionHello everyone, I invite you to every Monday's cryptocurrency review. Let's start by checking the current situation on the BTC pair to USDT, taking into account the four-hour interval. First, we will use blue lines to mark the local uptrend channel in which the BTC price is moving. At this point, it is worth looking at the EMA Cross 10 and 30, which confirm the return to the local downtrend, but on the volume, which also indicates a definite advantage of sellers, we can observe that this volume is quite low. Now we can move on to marking support areas in case of deepening of the current correction. And here we see that the price is just before the support at $ 29359, then we have the second support at $ 28850, then there is a strong support zone from $ 28314 to $ 27570, if the zone is broken the next support is at $ 26635. Looking the other way, in a similar way using the Fib Retracement tool, we can determine the places of resistance. The first resistance is at $ 29696, then we will mark the resistance zone from $ 29947 to $ 30660 when it is broken, and the next resistance is at $ 31045. Further we can see an increase to around $ 32117. Please pay attention to the CHOP index which indicates that the energy has been used in the current correction, the MACD indicator confirms the ongoing local downtrend, while the RSI has a strong rebound, which may indicate that the current correction will start to slow down.
by cryptodailyuk
2
Short-Term Market Fluctuations: Analyzing the NQ CorrectionIn this article, I'll explore the recent decline in the Nasdaq 100 (NQ) index from the 13,200 level, focusing on its corrective nature and potential implications for short-term price action. By examining the 15-minute timeframe chart and considering the impact of tomorrow's scheduled economic release , we can gain insights into possible market moves and make more informed trading decisions. Identifying the Corrective Nature of the NQ Decline From 13,200, the NQ has experienced a decline that appears corrective rather than impulsive. If you examine the 15-minute timeframe chart, you'll likely concur with this assessment. The current targets for this correction sit around 13,000 or as low as 12,980. Considering the Impact of Economic Releases on Short-Term Price Action What makes me skeptical of further short-term downside is the fact that economic data is set to be released tomorrow morning at 8:30 AM in premarket trading. If the NQ continues its decline to complete the correction, it's probable that we will witness a significant upside move following the release of the data. Analyzing the Initial Move and Providing Actionable Information My concern with the initial decline is that it consisted of three waves, rather than a clear five-wave impulse. For now, I'm ruling out the possibility of a major downside move tomorrow. Unlike some traders who provide vague content and only reveal their "conditional" orders after the fact, I aim to offer actionable information beforehand. If the NQ drops into the 8:30 AM release tomorrow, we are more likely to see an upward move. Conversely, if the index rises overnight, we can expect a downside move following the data release. Understanding the corrective nature of the NQ's recent decline and factoring in the impact of upcoming economic releases can help us better navigate short-term market fluctuations. By providing actionable information ahead of time and adapting my analysis as needed, we can make more informed decisions and improve our trading outcomes. Keep an eye on the NQ's price action as we approach tomorrow's data release and adjust your trading strategy accordingly.
CME_MINI:NQ1!Short
by bitdoctor
Ripple Is Making A Correction Within UptrendRipple is making a correction within uptrend, as we see it slowing down in wave 4 from Elliott wave perspective. Ripple with ticker XRPUSD is finally breaking higher in the 4-hour chart in an impulsive fashion. And, now that is back above September 2022 highs, there’s a high probability it’s in wave (3) of a five-wave bullish impulse. Well, currently we see it slowing down within wave 4 correction before the uptrend for wave 5 of (3) resumes. Ideal support comes here in the 0.48 – 0.44 zone. Once a correction fully unfolds, be aware of a bullish continuation up to 0.70 area or higher. Not sure if you noticed, but yesterday we had a webinar here on Tradingview, in which we covered ETH and BTC, so check the recording if you are interested.
BITSTAMP:XRPUSD
by ew-forecast
TSLA (TESLA) Favors Further DownsideTSLA Showing impulse Elliott Wave sequence as ((1)) higher started from 1/06/2023 low, which ended at $217.82 high on 2/16/2023. Below $217.82 high, it favors pullback in 7 or 11 swings correction in ((2)) against January low before upside resumes. It placed (W) of ((2)) at $163.91 low & (X) connector at $208 high on 3/31/2023. Below (X) high, it ended A of (Y) at $176.11 low & proposed ended B at $189.19 high. Below (X) high, it placed ((i)) at $192.20 low & ((ii)) at $198.74 high. ((ii)) was 0.382 Fibonacci retracement of first leg. It placed ((iii)) at $179.74 low & ((iv)) at $186.39 high. Finally, it ended ((v)) as A wave at $176.11 low in (Y). It proposed ended B wave $189.19 high in 3 swings bounce as 0.382 Fibonacci retracement as aggressive view. Alternatively, the bounce can be ((a)) ended at $189.19 low & favors corrective pullback in ((b)) leg followed by upside in ((c)) to finish B connector against (X) high as less aggressive view. In either the case, it favors weakness to continue in C of (Y) leg towards $154.03 – $120.61 area to finish ((2)). Below B high, it favors lower in (i) of ((i)) of C leg. It needs to breaks below A low to confirm the downside in C of (Y).
NASDAQ:TSLA
by Elliottwave-Forecast
Fibonacci Time Cycles and Price Action: Analyzing SPX CorrectionIn this idea, I will dive into the fascinating world of Fibonacci time cycles and how they relate to price action as the cycles reduce to zero. We will examine the current correction in the S&P 500 (SPX) index from the perspective of the 2008 lows and discuss the potential impact of interest rates and inflation on the market. By analyzing Fibonacci retracements and time cycles, we can gain a better understanding of the market dynamics and make more informed trading decisions. Understanding Fibonacci Time Cycles Fibonacci time cycles are a technical analysis tool used to identify potential turning points in the market based on the Fibonacci sequence. The sequence is a series of numbers in which each number is the sum of the two preceding ones, starting from 0 and 1. In the context of time cycles, traders apply the Fibonacci ratios (such as 38.2%, 50%, 61.8%, and so on) to the time duration between significant market highs and lows to predict future turning points. Analyzing the SPX Correction with Fibonacci Retracements When looking at the SPX from the lows in 2008, we can see that the current correction is only a part of a larger trend. Bigger corrections took place in 2018 and 2020. Although the current correction appears more natural, the combination of low-interest rates and rising inflationary costs of goods could create significant problems in the near future. The SPX has the potential to reach the 61.8% Fibonacci retracement level, which is around 4300. However, I believe it's highly possible that we could see the index drop to 3200 by late August. This current correction can be seen as a retracement of the bull run from 2008 to 2022, during which the SPX rallied by 622%. Fibonacci Time Cycles and the 55-Year Bear Market My analysis of Fibonacci time cycles suggests that we are currently at the end of a cycle that ended in ~2021/2022. This could potentially mark the beginning of a 55-year bear market. It's important to note that a 55-year bear market doesn't imply a constant decline for that duration. Instead, it suggests that we can expect many ups and downs over the next 55 years. While my prediction of the time frame could be incorrect, I will adjust my analysis accordingly if needed. Given the current market conditions, I believe it's more likely that the SPX will drop to 3200 by late August, rather than reach new highs in the same time frame. Fibonacci time cycles offer valuable insights into potential turning points in the market, and when combined with price action analysis, they can enhance our understanding of market trends. By examining the SPX correction through the lens of Fibonacci retracements and time cycles, we can better anticipate the potential impact of interest rates and inflation on the market. It's essential to remain vigilant and adapt our analysis as needed, while considering the myriad factors that influence market dynamics.
SP:SPXShort
by bitdoctor
BTCUSDT Igniting the final bearish leg of this cycleThe price action is telling me that the next macro swing-downward, probably the last leg-down of this cyclical bear market is igniting. Now, after a retrace of the "thrust-false break" to the weekly supply in an greedy extensive wave v, the shape of this retracement triangle is indicating a reliable reversal point. On the other hand, the bears are slowly taking control and the price will not return to the "upthrust". The minute pattern points to demand, which is a expected retrace for the main triangle. I'm considering this peak as a head of a potential head & shoulders formation on macro.
Short
by firmestudio