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Silver Sets To Complete A Five-wave Impulse PatternKindly support this analysis with your likes and comments! The Silver 4 hourly chart reveals an incomplete Elliot Wave impulse sequence from wave (b) high on the chart. It's labeled i-ii-iii-iv-v. Wave iii is the longest wave and its sub-wave of wave iii is also visible. According to EW theory, once the corrective phase in wave iv is completed an impulse move will follow it in wave v . In Silver's case, the correction unfolded as a double zigzag and also terminated around 50% Fib level. Yesterday daily price action also close as a bearish engulfing bar. With all the confluence, we can expect Silver to head lower in the short-term. The setup will be considered invalid if the red line on the chart is breached. What's your view on Silver? Let me know in the comment! Good luck on the chart, Veejahbee.
OANDA:XAGUSDShort
by Veejahbee
2
dollar shows a bullish reversal patternas we can see from the chart, DXY has an ends the day with an hammer ( in which the lower shadow is at least twice the size of the real body.Hammers signal a potential capitulation by sellers to form a bottom, accompanied by a price rise to indicate a potential reversal in price direction. This hammer is seen sitting below an ending diagonal. An ending diagonal is a type of impulsive motive wave in Elliott Wave Theory that will be found in the subdivision of fifth waves or whole C waves in a structure. An ending diagonal C wave or 5th wave commonly shows an obvious wedge shape with an overlapping wave 1 and wave 4. These will subdivide into 3-3-3-3-3.
TVC:DXYLong
by ABDOLLAR_FX
USDJPY, triple Three correction Usdjpy is pointing at a new opportunity to sell with this corrective pattern. This correction is one of the five types of corrective patterns that correct the completed cycle of the prevailing trend. Zigzags (5-3-5), Flats (3-3-5), Triangles (3-3-3-3-3), Double threes which are a combination of two corrective patterns previously mentioned. Then lastly a Triple three that is a combination of three corrective patterns mentioned above The corrective structures are labeled as WXYXZ. They are an 11 swing structure. The subdivision of wave W, wave Y, and wave Z can be a zigzag, a flat, a double three of smaller degree, or a triple three of smaller degree. The Wave X can be any corrective structure including a stand-alone triangle
Education
by ABDOLLAR_FX
EURNZD Confirms Uptrend, but Correction is LikelyThe EURNZD 4 hourly chart above visualizes the advance between July and August 2. More importantly, it reveals that the rally is a textbook five-wave impulse. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v). According to the Elliott Wave principle, this means two things: first, that EURNZD is in an uptrend; and two, that a three-wave correction can be expected before that uptrend resumes. However, if the count above is correct, it makes sense to expect a decline to wave (iv) low in the mid-term. Long positions in this area would not provide a much better risk/reward ratio than currently available. - Invalidation level is the red line on the chart - Entry is the green line which has not been triggered. What is your view on EURNZD? Thanks for reading! Veejahbee.
Short
by Veejahbee
2