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RMR: Elliott impulse wave finishing, correction wave incoming?Hi. I've plotted a resistance zone that's been prevalent since the start of the year. I've also plotted some Elliot waves: some past, some current and some incoming. The recent Three Drives pattern is over and unfortunately I didn't recognize it in time. But a good question then is what's next? Well there is a clear impulse wave occurring at the moment. The high price difference between the MA 56 and close price strongly indicates that the impulse wave will continue to finish wave 3 and 4. The exact time when this will happen is uncertain, the price on point 5 is just an example. But this means a correction wave is incoming when the impulse finishes. There are two decent position to make if you believe the impending waves are probable: When the current impulse wave has finished there is a good timing for a short position to profit off of the correction wave. When that correction wave is complete there will most likely be an impulse wave. A long position when this is apparent or a long position on the B point of that wave could both be decent. Thank you. Please, if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods with you. This does not constitute financial advice. Any projected prices, even if explicitly stated, are made with intent to discuss the symbol and potential interpretations. Any trades shown or mentioned are examples and neither recommendations or mandates.
NASDAQ:RMRLong
by Kabeldon
🛢Investments in the Russian oil sector...●● Mine scenario 🕐 1W MOEX:LKOH «Pic.1» We successfully predicted the growth of the fifth wave after the triangle ((iv)) and the subsequent decline within the wave 4 , which, based on the norm of alternation, is still expected in the form of a triangle. 🕐 1D MOEX:LKOH «Pic.2» Combination "Double Three" SZ-X-CT 🕐 1D MOEX:LKOH «Pic.3» The main purchases are planned under the condition of a fully completed triangle, at the end of the final wave ((e)) in its structure. 🕐 2h MOEX:LKOH «Pic.5» This count has a number of disadvantages. They are: two sideways corrections in waves ii-iv , and a truncation within the assumed diagonal v . In connection with the above, I recommend any speculation in the short only after the breakout of the top iv , the level marked as «confirm.lvl» . 🕐 2h MOEX:LKOH «Pic.6» Along the way, I am considering a variant count with a triangle in (b) of ((b)) , which suggests continued growth within wave (c) . Waiting for the implementation of my count for continued growth, I hold the buy position. ●● Alternative scenario 🕐 1W MOEX:LKOH «Pic.8» As for the alternative count shown in "Pic. 8" , taking into account the probability of its implementation, I do not increase the volume of a long-term long position until we form a triangle as it is schematically depicted in "Pic. 1". The wave marking in the double circle parenthesis corresponds to the green marking in the circle on the chart.
RUS:LKOH
by TradeWaves-EWA
2
SPX Elliott wave count daily. 101 probable count1/ This new idea is based on the previous idea below, rsi possible extended 1st wave like our spx. Nothing guaranteed here just an amazing similarities (chart # 1). 2/ The previous idea is coming handy for "Gaps behavior " and how they usually appear in waves 3 & C. Well it kind of supporting this idea of an extended 1st wave. Here it is below (chart # 2). 3/ Combining these together kind of make the argument for and extended 1st wave is more probable, or not. 4/ So what's next, well Elliott Fibonacci Retracement and Extension Guidelines for an extended wave 1 as follow: If wave 1 is extended, then the size of wave 3 through to the end of wave 5 is often 61.8% – 78.6% relative to the size of wave 1 If wave 1 is extended, then wave 2 and 4 are very likely to be shallow (i.e. 23.6% – 38.2%) If wave 1 is extended, then wave 2 will often end at the level of sub-wave 4 of 1 (i.e. the internal wave 4 of wave 1) 4/ That's would put the probable target for this bull's move since March's low between .61-79 fibs with minimum requirement @ 4122:
SP:SPX
by samitrading
🥇XAUJPY: Japanese Alchemy of Gold🎌●● Mine scenario ● 1W It is very likely that, as in the case of XAU/USD , the wave (V) of the " Supercycle " degree forms the Ending Diagonal I- II-III-IV-V . ● 1D A variant of count of the triangle ((B)) of I . ● 23h A variant of count of the wave (1) of ((C)) in the form of a single zigzag A - B - C . ● 6h I expect the wave (3) to resume growth soon. The confirmation in favor of the completed correction (2) of ((C)) in the form of a double zigzag W - X - Y will be: the breakdown of the line 0 - X , plus the formed waves ((i)) - ((ii)) of A , the first of which will break through the top of X — " bull lvl " and gain a foothold over the upper border of the descending channel. ●● Alternative scenario ● 6h As long as the above conditions are not met, there is still the probability of continuing the decline of the wave Y of (2) with the first targets of 173775 . The wave marking in the double circle parenthesis corresponds to the green marking in the circle on the chart.
OANDA:XAUJPYLong
by TradeWaves-EWA
2
GOLD To The Moon! Will the Prices of Gold Rise to $2500/ounce?Throughout history, gold has been seen as a special and valuable commodity. There are several factors that make gold a strong safe-haven asset. It’s valuable as a material for consumer goods such as jewelry and electronics, and it is scarce. Gold cannot be manufactured like a company issues new shares or a federal bank prints money. It must be dug up from the ground and processed. Today, owning gold can act as a hedge against inflation and deflation alike, as well as a good portfolio diversifier. As a global store of value, gold can also provide financial cover during geopolitical and macroeconomic uncertainty. However, before you decide that you need to buy gold immediately, it’s a good idea to take a step back. Gold is an asset like any other - it can rise or fall due to sentiment. Should You Buy Gold Now? In order to answer this question, let's take a look at the Gold chart using technical analysis. Elliott Wave Analysis + Supply & Demand The XAUUSD "Gold" monthly chart above shows that the rally from the 2015 low of $1049/oz has been unfolding as a five-wave impulse pattern. This pattern is labeled 1-2-3-4-5 and the sub-waves of wave 3 are visible from the weekly chart below. The market is currently trading in wave 4 correction which is about to complete, the price is expected to resumes higher in wave 5 to complete the impulse sequence once wave 4 bottom. As you can see from the previous fourth waves correction in black and pink, the market resumed higher rapidly in the fifth waves when they completed. This is the kind of scenario that's expected to happen once wave 4 in blue is complete. Confluence Confluence occurs when several technical analysis methods give the same trade signal. An area in the market where two or more structures come together to form a high-probability buy/sell zone. In the Gold charts above, we have a confluence of indicators creating a strong demand area consisting of: An Ascending Trendline Supply & Demand Imbalance Zone 20 Months Moving Average as dynamic support Correction Parallel Channel Support 38.2% Fibonacci retracement of wave 3 advance. The confluence of technical indicators suggests that Gold will most likely bottom within the confluence zone indicated on the chart and start the anticipated advance soon. Breaking Down Correction On The Daily Time The daily chart above shows that Gold decline from its August 2020 high has been unfolding as a double zigzag pattern, labeled (w)-(x)-(y). Correction is usually enclosed within a parallel channel and when it completes the market will resume in the direction of the impulse. Gold Wave 4 correction will most likely reverse within the blue zone, most especially within 61.8% - 78.6% area. Entry Confirmation & Targets Zone: The breach of the $1814.78/oz key level will confirm that XAUUSD has bottomed and the price is now heading higher in wave 5. If this count is correct targets within $2300 and $2500 per ounce are plausible in the months ahead. Check out my Gold 2019 Elliott Wave Analysis that send its price 30% higher. What's your thought on Gold? Can the price rise to $2500/oz? Let me know in the comment. Thanks for reading! Veejahbee.
OANDA:XAUUSDLong
by Veejahbee
3