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Elliottwavecorrection

Elliott Wave Analysis: USDJPY Looking for Further StrengthHello traders, USDJPY Short term Elliott Wave View in USDJPY suggests that the pullback to 112.27 ended black wave ((x)). Internal of black wave ((x)) unfolded as a zigzag Elliott Wave structure where blue wave (a) ended at 113.07, blue wave (b) ended at 113.7, and blue wave (c) of ((x)) ended at 112.27. Black wave ((y)) rally is now progressing as a double three Elliott Wave structure. Up from 112.27, blue wave (w) ended at 114.04 with internal as a zigzag Elliott Wave structure. Red wave a of (w) ended at 113.23, red wave b of (w) ended at 112.63, and red wave c of (w) ended at 114.04. Near term, blue wave (x) is expected to find support in 7-11 swing as far as pivot at 11/20 low (112.27) remains intact. We don’t like selling the pair.
by Elliottwave-Forecast
Elliott Wave Analysis: How Much Further Can Oil Drop?Hello Traders, Short term Elliott Wave view on Oil suggests that the decline starting from Oct 3 high ($76.9) remains in progress as a 5 waves impulse Elliott Wave structure. Down from Oct 3 high, black wave ((1)) ended at $68.47 and black wave ((2)) ended at $69.66. Black wave ((3)) ended at $54.75 and black wave ((4)) is proposed complete at $57.37. Consistent with the guidelines in Impulse Elliott Wave structure, Black wave ((3)) also unfolded as 5 waves of lesser degree. Down from $69.66, Blue wave (1) of ((3)) ended at $65.74 and blue wave (2) of ((3)) ended at $67.95. Blue wave (3) of ((3)) ended at $59.26, Blue wave (4) of ((3)) ended at $61.28. The final leg wave (5) of ((3)) ended at $54.75. Black wave ((4)) ended at $57.37 as a double three Elliott Wave structure. Wave (W) of ((4)) ended at $56.49, wave (X) of ((4)) ended at $55.53, and wave (Y) of ((4)) ended at $57.37. Near term, while rally fails below $57.37, and more importantly below $61.35, we expect Oil to extend lower. If Oil breaks above $57.37, then Oil is doing a double correction and can open more upside in 7 swing before the decline resumes. For the downside target, one way to measure wave 5 target in Elliott Wave Theory is wave 1 equal to wave 5. If we project wave ((1)) length to the beginning of wave ((4)), we can estimate potential target for wave ((5)) at $47 – $49. We don’t like buying Oil.
NYMEX:CL1!Short
by Elliottwave-Forecast
1
$BCC $BCH forming a PERFECT double and triple zigzag..Seems to be forming Elliott's original labelling of double and triple zigzags and double and triple threes. Labeling the successive actionary components of double and triple corrections as waves W, Y, and Z, so that the entire pattern is counted "W-X-Y (-X-Z)." The letter "W" now denotes the first corrective pattern in a double or triple correction, Y the second, and Z the third of a triple. Each subwave thereof (A, B or C, as well as D or E of a triangle) is now properly seen as two degrees smaller than the entire correction. Each wave X is a reactionary wave and thus always a corrective wave, typically another zigzag . Let's see if it continues to play out as I suspect it will.
B
by cryptokirk
$BCC $BCH forming a PERFECT double and triple zigzag pattern..Seems to be forming Elliott's original labelling of double and triple zigzags and double and triple threes Labeling the successive actionary components of double and triple corrections as waves W, Y, and Z, so that the entire pattern is counted "W-X-Y (-X-Z)." The letter "W" now denotes the first corrective pattern in a double or triple correction, Y the second, and Z the third of a triple. Each subwave thereof (A, B or C, as well as D or E of a triangle) is now properly seen as two degrees smaller than the entire correction. Each wave X is a reactionary wave and thus always a corrective wave, typically another zigzag . Let's see if it continues to play out as I suspect it will.
B
by cryptokirk
Elliott Wave Analysis: GBPJPY in Correction Before Next Leg HighHello Traders, Short Term Elliott wave view in GBPJPY suggests that the decline to 142.77 ended blue wave (2). Up from there, the pair rallies as an impulse and ended red wave A at 149.49. Red wave B pullback is currently in progress to correct cycle from Oct 26 low (142.77) before the next leg higher. We can see internals of wave A unfolded in 5 waves where black wave ((i)) ended at 144.39, Black wave ((ii)) ended at 143.19, Black wave ((iii)) ended at 147.77, black wave ((iv)) ended at 146.83, and black wave ((v)) ended at 149.49 Subdivision of black wave ((iii)) and ((v)) further reveals another 5 waves of a lesser degree (blue color), fulfilling the rule of an impulse wave. This rally from 142.77 low to 149.49 high completed red wave A of a larger degree and ended cycle from Oct 26 low. Pair should now pullback in red wave B to correct this cycle in the sequence of 3, 7, or 11 swing before the rally resumes, provided that pivot at 142.77 low stays intact. We don’t like selling the pullback and expect buyers to appear again when the red wave B pullback is complete in 3-7-11 swing.
by Elliottwave-Forecast
1
Elliott Wave View: SPX Starts a New Impulsive RallyHello Traders, Short term S&P 500 (SPX) Elliott wave view suggests that the selloff starting from Sept 21 high (2940.9) has ended at Oct 29 low (2603.54). We take the most aggressive view and call the low at 2603.54 as red wave IV. This suggests that SPX is ready to rally in a new bullish cycle towards a new all time high. However, for this view to gain validity, the Index must first break above the previous all-time high, labelled as red wave III at 2940.9. Without this confirmation, the Index technically can just correct the selloff from last month in 3 waves ABC zigzag, then continue the selloff again. Looking at the internal subdivision, it appears the selloff from Sept 21 to Oct 29 low took the form of a double three Elliott Wave structure. Down from 2940.9 high, Black degree wave ((W)) ended at 2710.5, wave ((X)) ended at 2816.94, and wave ((Y)) ended at 2603.54. This move lower also ended a higher degree red wave IV. Since then, the Index has rallied strongly, further getting acceleration to the upside after U.S. midterm election. Rally from red wave IV at 2603.54 is unfolding as a 5 waves impulsive structure where red wave 1 ended at 2756.55 and red wave 2 ended at 2700.25. Index has since extended higher again above red wave 1, suggesting that red wave 3 has started. Near term, while pullbacks stay above 2700.2, and more importantly above 2603.54, expect further upside in the Index. As an alternate, the rally from 2603.54 can take the form of a zigzag Elliott Wave structure, where the first leg higher to 2756.55 ended red wave A instead of red wave 1, and the pullback to 2700.25 ended red wave B instead of red wave 2. In this scenario, then SPX should finish red wave C as 5 waves then start to turn lower again.
SP:SPXLong
by Elliottwave-Forecast
Dow Jones Elliott Wave View: Correction CompletedHello Traders, YM short-term Elliott wave view suggests that a bounce to 25845 high ended red wave “b”. Down from there, red wave “c” unfolded as ending diagonal structure i.e lesser degree cycles within black wave ((1)), ((3)) & ((5)) also unfolded in 3 swings structure. Where black wave ((1)) ended at 25220 low as zigzag structure. Up from there, a bounce to 25594 high ended black wave ((2)). Below from there, black wave ((3)) ended at 24515 low in another 3 swings. Above from there, a bounce to 25075 high ended black wave ((4)) bounce. Then finally a decline to 24089 low ended black wave ((5)), which also completed cycle red wave “c” & blue wave (IV) pullback. Up from there, the index made a strong bounce higher & broke the pivot from 25845 thus suggests that the next leg higher in blue wave (V) could have started. Near-term, while dips remain above 24089 low the index is expected to resume the upside. But a break above 26962 10/03/2018 peak remains to be seen for final conviction of this bullish view & to avoid double correction lower in bluee wave (IV) pullback. We don’t like selling it.
CBOT_MINI:YM1!
by Elliottwave-Forecast
1
US 30 ZigZag Correction Near CompletionNearly there. Probably another rough day or two to get crushed down to support and complete the Zig-Zag correction (WXY). Elliott ABC wave near support. Expect a hammer Doji, a deep spike with reaction lift. Maybe Tues/Weds. Who knows, utterly unpredictable atm. Spy might get down to 253. Nas- who knows?! If index breaks and closes below the blue pivot support box, it's in big trouble and we should expect a bear market. Biting my nails to stubs. Monday wild price swings were astounding, it fooled a lot of us into thinking "This is it! Going up!" Expect consolidation at bottom first, not a giant bounce. As always, this isn't investment advice, trade at your own risk!
DJ:DJI
by DaddySawbucks
5
IBEX Elliott Wave Calling Rally To Fail For Further DownsideHello Traders, IBEX short-term Elliott wave view suggests that a rally to 9668.31 high ended blue wave (X) bounce. Down from there, the index made a declined in 5 waves impulse structure. And ended red wave A of a zigzag structure at 8850.20 low. Where the lesser degree black wave ((i)) ended at 9471.20 low. Up from there, a bounce to 9542.80 high ended black wave ((ii)) as a Flat structure. Below from there, a decline to 8971.30 low ended extended black wave ((iii)) in lesser degree 5 waves. A bounce to 9120.80 high ended black wave ((iv)). Finally, a decline to 8850.20 low ended black wave ((v)) & also completed the red wave A. Currently, we are calling red wave B pullback complete at 9140 and as long as the index stays below that level but more importantly below 9668.31 it is expected to see more downside. We don’t like buying it as the right side stamp is lower & calling more downside against 9668.31 high.
TVC:IBEX35Short
by Elliottwave-Forecast
EURUSD Elliott Wave: Ready For Next Leg Higher?!Hello Traders, EURUSD short-term Elliott wave view suggests that the decline to 1.1427 low ended cycle red wave II pullback. The internals of that pullback unfolded as a Flat structure which ended the correction against 8/15/2018 low. Up from 1.1427 low, the pair is expected to resume the next leg higher in red wave III. The internals of wave III is expected to nest higher as impulse structure for further upside. Up from there, the initial rally to 1.1610 high blue wave (1) in 5 waves structure. Where lesser degree red wave 1 ended at 1.1515, red wave 2 ended at 1.1479 low. A rally to 1.1572 high ended red wave 3. A pullback to 1.1540 low ended red wave 4. Then finally a rally to 1.1610 high ended red wave 5 & also completed blue wave (1). Currently, the correction against 1.1427 low remains in progress as a Flat structure where red wave A ended at 1.1534 low. Then a rally to 1.1621 high ended red wave B bounce and red wave C looking to end 5 waves structure somewhere between 100%-161.8% Fibonacci extension area of red A-B at 1.1545-1.1497 area. Afterwards, pair is expected to resume the next leg higher in blue wave (3) higher. We don’t like selling it.
by Elliottwave-Forecast
10
BTC - Called the Tether pump what to expect next!In my previous post, I had discussed an alternate scenario and that it would be a good time to close shorts and be looking for longs if btc doesn't break the low soon. We got a nice pump after that due to Tether fud. The structure is different on the USDT and USD exchanges. Will be adding my thoughts on USDT chart later in an update on this post. I'm using the Bitstamp chart since there is big difference in usd and usdt rates right now. We have completed flat structure for the X and made first impulsive leg. Wait for the correction of this drop from the high for confirmation for short trades.
BITSTAMP:BTCUSDShort
by kryptowavetrader
5
AUDUSD Bearish Sequence Support More DownsideHello Traders. AUDUSD short-term Elliott wave view suggests that the bounce to 0.7316 high ended blue wave (X). Down from there, blue wave (Y) remain in progress as a zigzag structure. Where initial decline to 0.7049 low ended in 5 wave’s impulse structure & also completed the black wave ((a)) lower. Also, it’s important to note that the pair is having a bearish sequence tag & right side lower, therefore, buying is not recommended. The lesser degree cycles within black wave ((a)) ended blue wave (i) at 0.7201. A bounce to 0.7240 high ended blue wave (ii). Then a decline to 0.7051 low ended 5 waves in blue wave (iii). Above from there, the bounce to 0.7086 high ended blue wave (iv). Then finally, a push lower to 0.7049 low ended blue wave (v) & also completed black wave ((a)). Up from there, black wave ((b)) bounce can be complete at 0.7131 looking for another extension lower. As long as the price stays below 0.7131 but more importantly below 0.7316 we expect AUDUSD to extend lower, we don't like buying it as the right side is to the downside.
Short
by Elliottwave-Forecast
Tesla Elliott Wave View: Favoring More Downside To ProceedHello Traders, TSLA short-term Elliott wave view suggests that the rally to $317.51 high ended blue wave (X) bounce. The internals of that bounce unfolded as zigzag structure where red wave A ended in 5 waves at $302.64 high. Down from there, red wave B pullback ended as a Flat at $260.56 where lesser degree black wave ((a)) ended at $275.50. Black wave ((b)) ended in 3 swings at $315 high. And black wave ((c)) ended 5 waves decline at $260.56 low. Up from $260.56 low, a rally to $317.51 high in 5 waves ended red wave C & also the blue wave (X). Down from there, Tesla has made a new low below 9/07/2018 low ($252.25) confirming the next extension lower in blue wave (Y) lower. Where initial decline to $249 low ended 5 waves in black wave ((a)) of a possible Zigzag structure. Above from there, the stock is doing a bounce in black wave ((b)) in 3, 7 or 11 swings. Near-term, while bounces fail below $317.51 high expect the stock to fail for more downside. We don’t like buying it as the right side is lower & calling more downside against $317.51 high.
NASDAQ:TSLAShort
by Elliottwave-Forecast