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Elliottwavecorrection

Elliott Wave View: Oil Outlook After Refinery AttackOil gapped up almost 20% early this week after the news that Saudi Arabia’s oil refineries got attacked by drones. It has since retraced after Saudi Arabia said they can restore most of the lost output within days. In the chart below, we label the rally to 63.39 as ending wave C of (X). It’s therefore part of an expanded Flat structure which started from June 5 low. The internal of wave C unfolded as a 5 waves impulse as an Expanded Flat is a 3-3-5 structure. Wave ((i)) of C ended at 58.76 as a diagonal, and pullback to 54 ended wave ((ii)) of C. It then gapped up higher to 63.34 and ended wave ((iii)) of C after the news. Wave ((iv)) of C pullback ended at 58.77 and wave ((v)) of C ended at 63.38. This rally also completed wave (X) in larger degree. Oil is now currently bouncing in wave ((ii)) to correct the decline from 63.43. Afterwards, as far as pivot at 63.43 high stays intact, it should extend lower at least 1 more leg lower.
NYMEX:CL1!
by Elliottwave-Forecast
S&P500: can we get some downside to ignite the upside?Currently, IMHO the ideal setup would be a small c-wave down into the ideal wave-4 target zone followed by a rally to SPX3045-3075 which would then provide for a nice setup for a larger decline into late next month to adhere to the pre-election year seasonal average pattern this market has been tracking well all year so far (see here ). A break below SPX2940 from current levels would put this Bullish thesis on high alert as then only three waves up have been made: a b-wave. However, it seems somehow all roads somehow lead to Rome, where even that b-wave scenario can see SPX2700+/- 50 without any impact on the bigger picture move to SPX3800-4200 going forward. I posted about these bigger picture scenarios here . Trade safe!
SP:SPXLong
by intelligent_investing
9
BITCOIN - Double Three - Elliott Wave Triangle StructureVolatility in the crypto market is nothing new. Its also the secret sauce that traders on platforms like BitMex, Binance, and Huobi thrive on. Owing to that, it should come as no surprise that the moment a ripe opportunity for wrestling the markets up and down presents itself, market makers pounce on the chance. Volatility is a traders best friend. Whether a market goes up or down makes no difference as long as there is enough price action in either direction to capitalize on. As a trader, the one thing you dont want is a flat market. As a HODLer rather than a trader, volatility, like weve been experiencing over the past week, is certainly far from ideal. If youre hanging on to a position rather than trading it, youre probably looking to add to your bags at what feels like a recent low. However, with prices swinging so violently and falling knives dropping from the sky, a buy that felt genius a few days ago may seem catastrophic today. We wish we would allay your fears by telling you its going to be alright, that all will bounce back (which they are certainly doing today), but the crypto narrative appears to be shifting. A changing of the guard is underway in the blockchain world, and nothing is going to be as it was before. After streaking across the sky like a boundless rocket headed for the moon, Bitcoin starry trajectory appears to have broken down. As usual, lead analyst has revealed crucial levels for BTC as well as a few scenarios with a high likelihood of playing out. At current, Bitcoin, along with the rest of the crypto market, is dangling in a no man’s land that represents the most dangerous trading environment imaginable. There are multiple scenarios at play, and many ways this thing could shake out, but throwing your hat in the ring here takes serious commitment and an ultra-fine stop loss. Our lead analyst has parsed through a trove of data to arrive at four potential BTC scenarios with favorable likelihood. Here are a few versions of where we think price may be headed according to Elliot Wave theory 1. At breakout support from consolidation triangle, support around $9300K - Bitcoin can count on some modicum of support between three levels $8K to $8.2K, $8.7K to $8.9K, and $9.1 to $9.3K. 2. If BTC breaks below $9k on the daily, $8.5K - 7.5k is a next support 3. If $12K is reclaimed, $12.4K, $13K and $14K are next It’s possible that we’ll see what is known as an ‘extension wave’ up to the $16.2K mark. That’s because the current parabolic fractal is nearly identical to the one from "14 bottom to "17 top – if compared according to Elliot Wave principles. Both have an extended wave 5 with equal length to their wave 3. Resistance is trapping us all the way from $10k to $11K. Regaining the $11K mark is what it would take for us to cast off our bearish bias and start looking toward new highs at and above the $16.2K mark. If, and that’s a big if, we break above $13K decisively, chances are BTC will visit $16.2K with some resistance at $14.6K along the way. However, this is only one side of the coin. Both bull and bear scenarios are equally possible in the current market with the levels needed to be gained or lost for either direction to occur not entirely clear. Theres really no preamble to give this bit of news – Trump tweeted about Bitcoin. Crazy, we know. He stated that he is “not a fan” of Bitcoin or the thousands of crypto assets which make up the market, and that they aren’t “real money.” Its not worth your (or our) time to parse through these humorous soundbites since the real action is what they indirectly mean. Donald is arguably the most well-known person on the planet at the moment. His Twitter account is followed by 62 million people and is quoted across every source of media, large and small, in the world. Regardless of DTs position on BTC, this is – you guessed it – amazing for Bitcoin. Exposure on this level might be the boost needed to send this market over the top. The fact that the POTUS just name-dropped Bitcoin and sees it as an adversary gives the crypto narrative real legs in the eyes of normies everywhere who have heard of cryptocurrency, but haven’t taken it seriously. Is days ago, the market saw a capitulation occur during which traders put their beloved bags on sale at incredible discounts. The mass sell-off took most digital assets down with double-digit losses which, considering the recent high-level exposure for the digital asset market from the likes of top politicians, took many by surprise. The intensity of the bearish vibes being projected toward the alt market has been turned up a few notches as many begin to seriously reconsider whether alts have any staying power at all. Bitcoin market dominance has been steadily climbing back toward 70% to reflect that. Whether this is a classic Oracle of Omaha “blood in the streets” moment or a real reconfiguration of the space is something that only time can clarify. Good Luck God above all
BITMEX:XBTLong
by ferGOD
11
Elliott Wave View: How High Can Silver Go?Since forming the low on November 2018 at $13.9, Silver has rallied 40% to current price of $19.4. The move higher from $13.9 low took the form of a 5 waves impulsive Elliott Wave structure. On the 1 hour chart below, we can see wave (4) pullback ended at $16.92. The metal has since resumed higher in wave (5) with subdivision as another impulse in lesser degree. Up from $16.92, wave 1 ended at $18.65 and wave 2 ended at $18.02. Near term, while dips stay above $18.02, Silver should continue to see more upside. We don’t like selling Silver and expect buyers to appear to buy the dips in 3, 7, or 11 swing. This view is valid as far as pivot at $18.02 low stays intact in the first degree. Possible target to the upside is 2.618% Fibonacci extension from Nov 2018 low which comes at $20.2 – $20.3 area. This is likely going to end only wave ((3)) in higher degree from Nov 2018 low, so it won’t end the entire rally yet. After it reaches the target of $20.2 – $20.3, Silver has chance to do a larger pullback to around $18 – $19 in wave ((4)) before another leg higher to end 5 waves up from November 2018 low.
FX_IDC:XAGUSDLong
by Elliottwave-Forecast
Elliott Wave View: EURJPY Remains Under PressureEURJPY shows an impulsive Elliott Wave structure from July 1, 2019 high (123.36). On the chart below, wave ((iii)) of that impulse ended at 116.5 and wave ((iv)) bounce ended at 118.2. The internal of wave (iv) unfolded as a zigzag structure. Wave (a) ended at 117.77, wave (b) ended at 117.18, and wave (c) of ((iv)) ended at 118.19. Pair has resumed lower in wave ((v)) with the internal unfolding as an impulse Elliott Wave structure of lesser degree. Down from 118.2, wave i ended at 117.05, wave ii bounce ended at 117.94, wave iii ended at 116.35, and wave iv bounce ended at 116.7. Wave v of (i) ended at 115.86 low. Pair now should bounce in wave (ii) to correct cycle from August 26 high (118.2) before the decline resumes. We don’t like buying the proposed bounce and expect bounce to fail in 3, 7, or 11 swing as far as pivot at 118.2 high stays intact.
Short
by Elliottwave-Forecast
Elliott Wave View: NZDJPY Plunges after RBNZ 50 bp Rate CutNZDJPY plunges as Reserve Bank of New Zealand (RBNZ) cut the interest rate by 50 basis point. The pair already has a bearish sequence prior to the rate decision, and the rate cut speeds up the extension lower. Short term Elliott Wave view suggests that the rally to 73.2 high on July 22, 2019 ended wave B. Pair is in wave C lower with subdivision as a 5 waves impulse Elliott Wave structure. Down from 73.2, wave 1 ended at 68.64 and the internal also subdivides as a 5 waves impulse in lesser degree. Wave ((i)) of 1 ended at 72.29 and wave ((ii)) of 1 pullback ended at 72.595. Pair then rallied in wave ((iii)) of 1 towards 69.45, wave ((iv)) of 1 ended at 69.95, and wave ((v)) of 1 ended at 68.64. Wave 2 rally ended at 70.11 with the internal unfolded as a double zigzag. Pair has since resumed lower and breaks below wave 1 at 68.64, suggesting the next leg lower has likely started. Near term, while bounce stays below 70.1, expect pair to extend lower. We don’t like buying the pair and expect any rally to fail in 3, 7, or 11 swing as far as pivot at 70.1 stays intact.
Short
by Elliottwave-Forecast
1
BTC - THE COMPLETE MIND F%$@ PATTERN !!!Hey Everyone, a couple of days ago I talked about the Parabola and how it remains unbroken and the strong support in this region. Now I am going to show you another pattern...(which also holds the SUPER DUPER STRONG SUPPORT) I like to call this pattern THE COMPLETE MIND F%$@ PATTERN !!! and why this is very very likely... Right now it as if we are off the coast and we are watching the whales at play, they jump up, then quickly take you under, and then straight back up for air again... Did you survive? Well if you did, this is what we might be about to see.... WEEKS AND WEEKS OF SIDEWAYS FOREVER AND EVER... what better way to create liquidity to move higher, then to take the pattern, up, then down then up then down... RINSE REPEAT... 10 times.... arrr I'm exhausted just thinking about it... It is not a confirmed pattern, BUT it is right now possible, and it holds all the regions needed to continue higher, including the PARABOLA. I'm going to add this again from my previous chart... Short term, we are going to see some sideways movement on BITCOIN with little to no direction, we have a trading range short term of $9,000 to $11,000. We have a high liquidity area in which we are going to see the whales at play, long wicks to either direction taking out STOP losses and creating liquidity for the whales and Market Makers to push BTC higher. This is short term pain for the smaller traders, and if you can hold on and not over margin or sit in spot, I believe you will see the long term gains. This will also cause mass confusion to the direction, which for a whale or market maker is the aim of the game and the easiest way to take you money when you over trade positions. Over trading is serious issue in regions like we are now and will be where many smaller traders will lose the majority of their capital. If you are unsure of direction or feel you are over trading I have a moto. IF IN DOUBT SIT OUT! There is no shame in not being in a trade. Stick to your game plan, wait for a set up to be confirmed, and ONLY take a trade if it all aligns. So please I welcome your comments and CONSTRUCTIVE FEEDBACK - ALL HATERS WILL BE FLAGGED AND REPORTED! And remember, there is NO RIGHT OR WRONG in trading - just money management! REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION (minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!! <3 Lisa DISCLAIMER: The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons... PS make sure you give me a like, that way you get updates as I post them.... :) <3
BITFINEX:BTCUSD
by LisaNEdwards
203
EURO (EURUSD) STRONG LONG Wave 3 nextSometimes it is best not to overthink things. The descending wedge on the EURO ( FX:EURUSD ) has been clearly broken to the upside. A new uptrend has begun. Rises are in 5 waves and drops are in 3 waves. This is a classic Elliot wave definition of a new trend direction. Keep it simple. Primary wave 2 and secondary wave 2 of wave 3 UP have now tested the long-term descending wedge's upper trend line and twice it has held and drops below it have been rejected. See two red circles on the chart. Wave 3 of 3 will likely be triggered by anticipation of the Fed lowering interest rates at the end of this month. Cheers! Cyrus
Long
by cyrusgr8
Elliott Wave View: GBPUSD Should Remain WeakGBPUSD shows a bearish sequence from June 25 high (1.2784) favoring further downside. Near term, the decline from 1.2784 to 1.2438 ended wave ((i)) as an impulsive Elliott Wave structure. Down from 1.2784, wave (i) ended at 1.266 and wave (ii) bounce ended at 1.2735. Pair then resumed lower in wave (iii) towards 1.248 with internal subdivision also as an impulse structure of lesser degree. Wave (iv) bounce ended at 1.2513 as a triangle and wave (v) of ((i)) ended at 1.2438. Wave ((ii)) bounce ended at 1.2581 as a zigzag Elliott Wave structure where wave (a) ended at 1.257, wave (b) ended at 1.2507, and wave (c) ended at 1.257. Pair has resumed lower in wave ((iii)) and broken below wave ((i)) confirming the next move lower has started. The move lower from 1.2581 also appears impulsive. Near term, it ended now wave (i) of ((iii)) and the pair is in the bounce in wave (ii) of ((iii)) to correct cycle from July 13, 2019 high before the decline resumes. We don’t like buying the pair and expect wave (ii) bounce to fail in 3, 7, or 11 swing for further downside as far as pivot at 1.258 stays intact in the first degree.
Short
by Elliottwave-Forecast
SPX, Expanding Triangle telling us going short?Since the beginning of the year 2018 the index S&P 500 is more or less in a very big correction formation called "expanding triangle". So that is a horizontal correcting wave which in this case is symmetrical (top rising, bottom declining). In my opinion we are still in a bull market, so i think it will be "just" (30%) correction in the S&P, before we start a new rally like in the years 2016 to 2017. When this analysis should fit, we could go to 2100-2200 points. Its likely that the reason is that the FED is waitin with their rate cuts and Xi & Trump will fight again, cause of their trade-war. The markets expect now the best of the best cases, but that wont happen in my opinion. So we will see. But one thing: when the market has dropped to the to "E", the FED will cut the rates to help them go further up and up. And also Trump could make a "fake" deal with Xi, so just that the markets go up that much that he has a well doing stock market in his election-time ;-) My theory ^^
SP:SPXShort
by swissyoungtrader
6