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Elliotwavecount

21/10/11 - GBPUSD is in a Flat ABC Correction - By RT_Trading_Good morning everyone, Today we are looking at are Forex chart as I think this could be an amazing swing opportunity for us. Sadly I didn't had the time to post this analysis when GBP hit our 124% entry which would be for you guys obviously the best entry too. I suggest to entry sells, when GBP is done retracing the previous sell-off movement that saw on 124% extension. Maybe there will be the possibility of another entry that is as good as ours. As you can see flat ABC's are very common in the market and they are a classical ''Bull Trap'' which occurs after a sell-off on a ''breakout''. Most traders would see this as a bullish breakout, but we are one step ahead and choose to sell at this point. We are pretty confident with this trade since the first cycle contains exactly 5 waves which are required for the first correction of this impulse. Since GBP is very bullish a flat is nothing to be amazed of, since Flats mostly occur when the market is very bullish. As always: You can read all information you need for your trade out of the chart. We are looking forward to your feedback! Have a good start into the week. This is no financial advice. RL from RT_Trading_
Short
by RT_Trading_
3
21/09/27 - Gold (XAUUSD) Near Ultimate Bottom - by RT_Trading_Hi Trader, I’m glad to provide you with my new idea about Gold (XAUUSD). The last Idea hit successfully both of our take profits – it even went further. Nonetheless, price action changes day by day, so does my analysis. Gold closed at a price around 1750.46 on Friday’s US session. What I noticed is that we are currently forming a triangle in which the inner structure seems to be forming inner 5-3-5-3-5 waves. This sort of price action occurs the most in the 4th wave of an Elliot Wave cycle. So, what’s next? I expect for this week, starting Monday with a lot of volatility. That is why I think it is possible to easily play both directions until we see the last sell-off on Gold towards 1725 . Why do I think we may see 1725? This number is of major importance because it is exactly the 161.8% extension of prior Wave A, which is the also the maximum possible extension for wave C. Currently, we are moving at around 120% extension area. Since we didn’t really see a big bull reaction here, I do assume that we may test this area with a very high chance. This is where I will gladly buy myself in and hold my positions until Gold reaches my target of around 2050 . I’m very confident that we are ahead of a major bull cycle also if Gold gave the sensation of struggling a lot lately. What do you guys think? This is no financial advice. Raffa from RT_Trading_ ´
OANDA:XAUUSDShort
by RT_Trading_
2
Bitcoin Correction - The Elliott Wave theory for why it is overI’ve been wondering why there are so many chartists willing to bet that BTC is about to correct back down to $30k or lower, but now understand that this belief is routed in a misinterpretation of the Elliott Wave structure of the recent Bitcoin correction. Let me explain... An incorrect ABC wave count of the Bitcoin correction might look like the following chart, where A was the June low and B the recent high, projecting wave C to fall below B. However, this is a misunderstanding of the structure of the correction down to the bottom of the June low. A correct interpretation would instead view the origin of wave A starting on March 13, as below. This is an Irregular Expanded Flat corrective structure in Elliott Wave theory. It has the form of a 3-3-5 sub-wave pattern, and is identified as irregular because the peak of the B-wave rises above the origin of the A-wave. The total structure, including sub-wave counts and with a Fibonacci projection of Wave A from B forecasting the bottom, is shown in the chart at the top. For the doubters, there are three proofs to this proposition: The wave pattern from A to B is an ABC wave pattern in three phases. If not part of a corrective movement as proposed, this would otherwise be required to be an impulsive structure of 5 waves. The movement down from B to C is a 5 wave impulse, necessary to complete the Elliott Wave Flat correction. If the movement to the June 22 low from the $65K high was Wave A of a correction, it would be in a 3 wave movement rather than the 5 wave movement observed. Therefore, the only structure that fits the price action is an Irregular Expanded Flat Elliott Wave correction, which completed on June 22, 2021. If you disagree, please feel free to explain yourself in the comments.
COINBASE:BTCUSDLong
by Crypto-Swing
25