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Abcpattern

US 30 in ABC Correction? Road to ATH; in Handle of CupVolume lessens on rising prices, increases on downdrafts. RSI divergent. Small caps have reached .50 Fibo retrace off September's lower high. SP500 and Dow have a gap to fill down to the 0.50 Fibo. Three-day rally feels like a B wave, chaotic and widely fluctuant. If so, expect C wave down to the gapfill at the breakout point from Cup near 26300/SandP 2942. A hedged short here is probably a fair R/R as EOM 'window-dressing' is likely to finish what seems to be a modest correction. The ABC is consistent with Intermediate Wave 2 of a Primary wave 3; markets should enter third-in-third wave on completion of the modest correction. A severe tankoff would invalidate this hypothesis! IMO another major October downdraft is unlikely as these rarely happen two years in a row; but anything is possible in this mad market. Taking a small short position on indexes with the gap up in AM on 9/27; this gap will very likely fill in day; first week of October is likely to be choppy. Completing a corrective wave might coincide with positive trade news in Mid-October; if the outcome is disappointing expect a deeper selloff. Still very chancy. Indicators to watch: RUT strong support at 1500 (IWM 150, now trading near 153); small caps have been a leading signal canary. I'd close shorts with IWM at 150; DIA at 264; SPY at 294, if and when they get to these prices. An ABC complete wave could well provide launch point for next bullrun. Longer-term still Bullish going into New Year, I'm not convinced this appearance of H&S in the monthly chart is really going to rollover. We shall see! This isn't investment advice; just an idea, trade at your own risk; GLTA!
DJ:DJIShort
by DaddySawbucks
1
Macro Elliott Wave? ABC Zig-Zag or Flat Formation?(Using the BraveNewCoin Liquid Index for Bitcoin (BLX) on a Monthly time frame - log scale) Are we in a Massive Macro Elliott Wave that started back during our first bull market in 2010? If so are we seeing an ABC formation and will it be a Flat ABC formation that takes us back down to the bottom of our bear market of 2018? Or A Zig-Zag ABC formation that will take us down even lower than our December low of 3.1k, possibly as low as 2k or even mid to low 1k region? Interested in hearing your thoughts below.
BNC:BLX
by DeeGee84
Bitcoin - ABC Correction - The market, it's math!BTC is reaching a key point of support and Fibonacci level. A significant bounce would be expected at the end of Wave C and Wave 5 anywhere between $9 - $9.1K (1.272%) After that counter-rally it will be time to re-evaluate to see if the major correction is over, or if this is just a breather before further down side. ($7K-8K range) A 40% total correction is down around the 1.618 Fib on this chart for a percentage reference. Also for a point of reference, those two blue boxes are exactly the same height showing the symmetry of this latest move (AB=CD - ascending broadening wedge). The highlighted channel I put on the chart looks very much LARGE bull flag does in not? (something to keep in mind) Long term I am still extremely bullish , short term we still have to feed the bears a little poisoned meat to occupy them so we can circle around the path and continue up this mountain. A 4 Hour view of the same chart. The current price action looks like it wants to head to the lower Fibonacci line The market is sovereign The market is antagonistic The market is not find The market will devour you The market will teach you The market will hit you. The market does not forgive the novices The market will lead to your soul STUDY! This is MATHEMATICS!
BITMEX:XBTLong
by ferGOD
3
EOS Elliott Wave Theory (Revision)Looking back at my previous assumptions in regards to this Elliott Wave pattern and in combination with the Ichimoku indicator, I initially underestimated the depth of the correction and thought that we may have more support in the form of a Kijun bounce before making a move into the cloud and a potential edge to edge move once within the cloud. While still learning many aspects of Elliott wave theory, I believe that the ABC corrective move could now be complete. In an ABC pattern, Wave C can typically be 123% – 161% of wave AB which looks to fit into the current fibonacci measurements well. This week's candle is forming a bullish hammer reversal pattern. In the medium term, I think a move into the cloud and a subsequent edge to edge move within the cloud is still possible with a price target around $12.23. This price target is represented by the long, flat top of the kumo cloud which acts like a magnet. The longer the flatness of the Kumo, the more powerful it is as a support or resistance level and the more powerful this Kumo magnet becomes.
BITFINEX:EOSUSDLong
by JoelRBishop
2
Bitcoin - ABC follwed by ABC ??? If so, better prices ahead.If this is another valid ABC correction that just finished instead of Wave 1,2, and the start of Wave 3 then we should see better prices going forward IMO. Still long my core position but took my trading profits around the top of what may be the completion of Wave C. Of course this is just one person's opinion. Many are still calling for $14K or higher right now. I don't know. This is what I see. The price could still reach out to the 1.272 and this pattern is still valid. All it means is that I jumped ship a little earlier than necessary. I do that sometimes. :0) I would also add that if prices breach well into the top of Wave A then this would be an additional confirmation that lower prices are to follow. We've come close, but not yet... Good luck!
COINBASE:BTCUSDLong
by BitcoinBearSlayer
11
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BNC:BLX
by CryptoKittie
3
US 30 Setup to test ATHJust an idea; I'm not sure about this but I expected a LOT more selling, and it's not happening. An ABC countertrend surge may be in progress; if so, we'll have a new ATH this summer. There is NO rational or logical reason for this to occur; therefore I consider it highly likely. IT's exactly what happened in 1929... Fascinating that Fib time projects possible ATH on 03 September 2019... exactly 90 years to the day! If you read nothing else on TV, read this re valuations and future ROI: www.marketwatch.com During the final phase of the Bull market, irrational, frantic exuberance fueled by short covering will drive prices to extreme highs, until the shorts are covered... then the real selling begins. FYI I closed all my shorts today Weds 6/12/19, maybe a mistake, but futurz are pumping up again, so I can sleep at night. As always, this is not any kind of investment advice, just another crackpot idea. Please comment and like if you do! Thanks for watching. -DS
DJ:DJILong
by DaddySawbucks
Deep Bull-Trap Correction Underway?This chart idea updates the previous idea with new Elliott Wave counts to include the recent run from the $8.5k local high (which turned out to be the end of wave 3 instead of wave 5) to the $9.1k high. This would then put the $9.1k high as a truncated 5th wave. It is still possible that we could move higher to complete a 5th wave with a target in the high $9k’s, but that is looking less likely with the strength of the recent downward movement that has broken outside the lower bounds of the ascending wedge in green. One thing to note is that every major high and subsequent deep correction that has occurred since the 2017 high has exhibited 1) a high, 2) a rapid drop or dragonfly candle that quickly gets bought up, and 3) a subsequent lower high. Only on one occasion was the subsequent high slightly higher than the first high. These highs + lower highs, split by rapid drops or dragonfly candles are circled in blue. This also supports the idea that a broader wave 1 correction is well under way, as this pattern also appears at the recent $9.1k high. Also note that the 200 day and 365 day exponential moving averages are converging to the top of the target area, which also corresponds to a strong support area in the $5.8k region during the last bear cycle. So these serves as further evidence of a possible support zone. Here are a couple of scenarios for what may come next. The first is that the A leg of a broad ABC correction has completed, and we are now beginning the bull-trap B leg which could take us to the $8400/500 area. This would also result in a possible H&S pattern if it is confirmed. We would then begin the C leg down to the target area in the low to mid $5k’s. This target corresponds to the fib. 0.618 retracement which is very common for wave 1 corrections. Also, this fib. 0.618 region is close to the trendline that approximates a series of higher lows before the parabolic move up, which also serves as a good support zone. The second scenario is that we are still in the A leg of a broad ABC correction, and that we have another sub-leg down to the $7k area before beginning the B leg upwards, and subsequent C leg downwards. Incidentally, this is only the 5th time in $BTC history in which @coinmetrics Pro's NVTS metric has hit 100. The previous 4 instances were followed by 82%, 70%, 78%, and 83% corrections, respectively. So a correction beyond 61.8% is a very real possibility. twitter.com Final Target: $5k - $5.8k
BITFINEX:BTCUSDShort
by dalmazio
7
EURUSD Elliott Wave Analysis 09 JUN 19EurUsd trading under complex corrective pattern for last couple quaters. As per medium term structure also giving high probability to current complex pattern continue for few months. In short term prospective, last week we got some strong momentum upside. This momentum will continue upto 1.1450 level, before that once again price fell to 1.1215 to 1.1200 support zone. As per my point of views during the FED meeting on this month we can expect this level to enter Long. My Entry Levels for coming weeks: Side : Long Buy @ 1.1215 -- StopLoss @ 1.1125 -- Take Profit @ 1.1450
Long
by tidaltrader