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Elliotwaveanalysis

Aussie Makes A January Pause; Bullish After Correction Is DoneAussie has been bearish in the first part of 2023, but notice that pair might have completed deeper three-wave decline on a daily chart, followed by a current nice turn-up with higher highs and higher swing lows shown on 4h time frame, where price also recovered out of a big downward corrective channel, connected from 2023 highs. That said, I assume that a bottom can be forming. In fact, we can see a nice five-wave bullish impulse in the 4-hour chart, which is a strong signal that bulls are back on track, but keep in mind that nothing moves in a straight line and that pair can be making an A-B-C pullback now in January as intraday weakness from 0.6880 looks like a first wave A of a three wave retracement. Ideally, pair will stabilize around 0.660 area where daily trendline can become a nice support for the current higher degree wave 2. Also, RBA is much more hawkish than the FED, RBA even considered a 25bp increase so there are speculations for FED to cut rates this year. So this is definitely something that can keep Aussie uptrend alive. Dont forget on NFP today! Trade well, Grega
by ew-forecast
Bitcoin Turns Down For Deeper Correction. Strong Support At 40k.Stocks are coming down at the start of January as some portfolio adjustments and profit-taking occurs at the start of a new year to avoid 2023 tax year. We can also see some dollar rally, but normally these flows at the start of the year are temporary and can be reversed later this month when flows will normalize. We also have a FED minutes today, but US PMI and NFP much more important this week I think. Looking at bitcoin, its coming sharply down on speculation that SEC will reject ETF. Some nice support is at 40k.
BITSTAMP:BTCUSD
by ew-forecast
Price Action shows a-wave advance topping, b and c-waves to comeThere is no doubt the rally off the October 2023 low has very little distinguishable structure to it. However the MACD indicator has made a new high so we DO NOT have negative divergence telling me, we will get a downward retracement, but this recent rally is not done to the upside. For this advance to top in a more sustainable fashion, we would be rallying on negative divergence. Therefore the blue pathway for price is the higher probability. Since the SPX has not made a new high, I am still carrying the black pathway on the chart as it valid below the ATH.
SP:SPX
by maikisch
TRADE_SETUP_10% upside in ABBThe stock can be seen moving up in an Elliot wave structure from Oct end bottom. Wave I completed in Oct-Nov followed by a 38% retracement and then Wave III completed in Nov-Dec followed by a deeper 50% retracement. Now the Wave V has begun in the stock from Dec 21.This particular wave also can be seen sub-dividing into minor waves like the previous 2 impulsive waves. Currently we at the wave ii of Wave V and waves iii, iv and v of V are yet to unfold. The projected final target for Wave V is projected to be around INR5100-5150. On the downside the low of 4529 is crucial and should be considered as an important swing low for all buys. Note*- Views are based on personal opinions/observations. Please do your own research/analysis before making any trading/investing decisions.
NSE:ABBLong
by neeraj_2_sharma
Dr.Reddy's to move into the INR6000-6200 zone in Wave V of 3This Pharma giant has outperformed Nifty 50 in the entire 2023. Starting from Jan.2023 the stock has been making clean and strong impulse moves and easily beating the index returns for the entire year. The stock completed wave I of 3 between Jan-May 2023 and completed the wave III of 3 subsequently between May-Aug 2023. Between Aug-Oct 2023 the stock was in a complex wave IV correction and came out of the same with wave i of V of 3 in month of Nov. The stock now has a minimum of three legs pending to the upside in order to complete the wave V of 3. The remaining legs should be considered as minor sub-divisions of the Wave V itself. The stock is projected going into the INR 6000-6200 zone from current levels in the coming moves. On the downside the low of INR 5471 remains a crucial support. At current levels the stock offers an attractive RR of more than 1:3. Note*- Views are based on personal observations and opinions. Do your own research before making any trading/investing decisions.
NSE:DRREDDYLong
by neeraj_2_sharma
GOLD, will we see a pullback this week?So far gold dropped nearly 8% from the new ATH without any significant pullback, bringing a lot of money to market makers, who created the fake move. At some point a pullback should happen, but it's hard to tell when. The first structure support at 2000 was already violated today and we reached to 50% retracement within a really short period of time considering how long the move up took (which was also impulsive in my mind). According to my last analysis I am still waiting for a correctional B wave to be formed, which would make it possible for us to 1. Get a short position. 2. Calculate timing and goal for a possible wave two target area. At this point it is impossible to tell where a wave B could find it's highest point, but there are important resistance areas to mention: 2004 - 2010, 2028 - 2033 and 2044 - 2052 Only a price close above 2080 can form an impulse for higher prices. The support areas for buying a possible pullbacks are: 1971 - 1977 and 1932 - 1939 We already reached the first support, having a confluence with the 50% fib retracement.
FOREXCOM:XAUUSDLong
by Kyrean
FUTU: strong potential for 2024FUTU reached the upper zone of mid-term 52-45 support range and is trying to find a footing. I like the gap-up with substantial volume today. Re-claiming the 50d moving average would be a constructive next step in shifting the odds of important bottom in place. Otherwise, if 50.28 level will not hold, next support levels are: 49-45. Suggested price structure is in-tact until price holds above 40.90 level. Fundamentally solid with strong sales and earnings growth 4qrts in a row, high EPS growth estimates for 2023 and decent 2024, could be a perspective growth candidate to outperform the markets in 2024 (in favourable environment).
NASDAQ:FUTULong
by artemfedorov
Hellena | GOLD (1H): Long to resistance area of 2070.573.Dear Colleagues, I suppose that the upward movement is not over yet. I expect the completion of wave 4 in the area of 50%-61.8% Fibonacci level 2046. It is possible that the price will go even lower, so keep an eye on the updates. Then I expect an upward movement with the aim to reach at least the resistance area of 2070.573. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
OANDA:XAUUSDLong
by Hellena_Trade
The Most Critical Level For BITCOINFinally updated my BTC chart. Bitcoin has finally headed into the golden zone of Fibs and a very cautious supply zone from where it's gonna be moon or doom for the crypto market. Let's go from bear to bull scenarios and take a deep dive into BTC from an Elliottwave perspective. Scenario 1: the move up from the 15K bottom is a three-wave move and will get rejected from .618 to complete the partner leg down for the double Zigzag, revisiting 15K or even breaking below to make a new bear market low. Scenario 2: We reject .618 but get a shallow correction staying way above 15K and then keep moving up in a corrective manner and revisit ATH territory. Scenario 3: We have a 1-2,1-2 and #BTC is ready to blast off as we are moving into the minor-degree (green) wave-5 which completes the intermediate-degree (orange) wave-1 of the primary-degree (aqua) wave-3. In simple words; TO THE MOON!🚀 Scenario 3 seems most probable right now given the 4 year cycle history of #BTC since its inception. 31K is the invalidation for this count. As long as we keep making higher highs and higher lows and stay away from 31K, it's only moon from here. Assuming the most bullish case is at play, I have three ideas for the short-term counts. 1) Regular flat correction for minor-degree wave-4 2) A sideways triangle correction for wave 4 3)Or maybe a long sideways double or triple zigzag
by Mashood_Abidi94
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