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Elliotwavecount

Bitcoin : Short term view and review of yesterday's analysisHello fellas, How are you doing today? I hope you are doing great. Let's get to the point! If you have seen my yesterday's video analysis about bitcoin in short term and long term view (and if you haven't seen it, kindly see it on this link youtu.be ), you will be very familiar with some of this key levels drawn on the chart. After the action of breaking out of the green dotted trend resistance trend line with an absolute candle closure on 4 hours chart and a pretty good volume. But, once again I want to remind you that even at the most bullish market, it will still need the correction even at the smallest degree of the wave. That's why I try to make a relation with a possible elliot wave count on lower this 3 hours time frame. Orange zone is the golden pocket zone which I believe that it is the strongest resistance zone for short term basis. The green zone will become the strong support because it is simply the 50% of fibonacci level and it has a confluence with previous price action as key level. For short term, I firmly believe that bitcoin will touch the orange zone at least and the maximum retracement that could occur will be on the green zone as the key level. As long as the 4th wave hasn't move down to the territory of the top of the wave 1 (Not more than a wick), This scenario will be still active. My bias is remain the same, short term is bullish, but for long term we could see a horrible bearish scenario. Thank you
BITFINEX:BTCUSDEducation
by julio24albert
EURNZD SEEMS TO BE READY FOR A MASSIVE DECLINEEURNZD has been in recovery mode for the past 10 months. The pair took off from 1.63323 in December 2018 low and climbed to as high as 1.76993 in October 2019. The daily chart above puts EURNZD's entire 2-month sell-off in 2018 and the 10-months recovery in an Elliott Wave context. The pair’s decline can easily be seen as a five-wave impulse. The pattern is labeled 1-2-3-4-5, wave 3 is the longest among the three impulse waves. The recovery looks like a textbook W-X-Y-X-Z triple three corrections. Waves W unfolded as an expanded flat pattern while wave X, Y, X, and Z can both be labeled as simple (a)-(b)-(c) zigzags. Once a correction is over, the larger trend resumes. Here, a sharp selloff from 1.79282 in October 2018 precedes the above-shown corrective recovery, so the larger trend is down. Also, note how the resistance level, wedge trend line, and 78.6% Fibonacci level discouraged the bulls in wave Z. This is another indication that the entire 5-3 wave cycle is complete. If this count is correct, last week's bearish reversal is the start of a major plunge, whose targets lie beneath 1.63323 in the long term. In my opinion, selling the rallies is a viable strategy as long as EURNZD trades below 1.76993 invalidation level. Instead of giving in to complacency, the bulls should take last week’s bearish reversal very seriously. Thanks for Reading! Veejahbee
Short
by Veejahbee
GBPAUD BULLS GETTING TIRED. BEARISH REVERSAL AHEAD?Just like the GBPNZD I just published. The weekly chart above puts GBPAUD's entire decline since August 2015 in an Elliott Wave context. The pair’s decline can easily be seen as a five-wave impulse. The pattern is labeled 1-2-3-4-5, where five sub-waves of waves 1, 3 and 5 are also visible. According to the Elliott Wave theory, a three-wave correction follows every impulse. This means the overlapping bullish price action that follows the decline is most likely a complex W-X-Y-X-Z triple three correction within the larger downtrend from 2015 high @ 2.23779. Note how the resistance level, upper trend channel, and 50% Fibonacci level discouraged the bulls in wave Z. This is another indication that the entire 5-3 wave cycle is complete. If this count is correct, we can expect the trend to resume in the direction of the impulsive sequence. Furthermore, the sell-off is supposed to breach 2016 low, so targets below 1.57810 are plausible for GBPAUD in the months ahead. Thanks for Reading!
Short
by Veejahbee
Elliott Wave Patterns & Fibonacci Relationships Reference GuideElliott Wave Theory attempts to identify recurring price movements within financial markets and to classify them into a set of meaningful patterns, which can become a reliable tool for future price predictions. The underlying principle is that price-action unfolds via an endless alternation between trending and corrective cycles, while producing this effect on any relative timescale (Fractality) . Elliott Wave (EW) price patterns are divided into  motive waves   (i.e. price movements that initiate progress in one direction and therefore create trend) and  corrective waves   (i.e. price movements that are reactionary in relation to the previous trend-setting move) . Corrective waves essentially attempt to revert or undo the movement that was initiated by the preceding motive wave. How to use this guide This EW reference guide provides an idealized drawing for each EW pattern, including a visualization of the most important internal wave size relationships. The images highlight the most common wave retracement and extension targets in red, followed by the next most common targets in orange, followed by the least common targets in grey. Important Concepts To Remember Before Applying EW Counts Wave Degrees Elliott Waves are labeled in different degrees that are nested within each other due to the fractal nature of price movements. Please refer to your Elliott Wave drawing software for the appropriate names and symbols used for each officially defined degree. Alternatively, you may simply label different degrees with different-colored labels on your chart. Alternation   (“expect a difference in the next expression of a similar pattern”) : EW patterns have the tendency to create alternation within them. This is reflective of nature’s general propensity towards dynamic balance. Following is a list of the main occurrences of alternation: Alternation of corrective waves: If wave 2 is sharp (i.e. zigzag or extended zigzag) and deep (i.e. deep in the sense of how much it retraces the preceding wave 1), then wave 4 will most likely going to be sideways (flat, combination, or triangle) and shallow relative to wave 3. The same applies in reverse but is less common. This is because triangles (which only appear during wave 4 inside a motive wave) are considered to be alternating to all other corrective patterns. That means even if wave 2 is a shallow sideways correction, a triangle can still appear in wave 4, but it is less likely. Alternation also occurs in terms of wave complexity. If a potential bigger complex correction starts out simple at first, then expect complexity to increase during the following parts of the correction (i.e. simple-complex-most complex). The reverse can also apply (i.e. most complex-complex simple) but it is more rare. Alternation of motive waves : If wave 1 is short, then wave 3 is likely to be extended, and wave 5 likely to be short again. If wave 1 is extended, then wave 3 and 5 are most likely not extended. If neither wave 1 nor wave 3 is extended, then wave 5 probably will be extended. If wave 3 is extremely long and overstretched, wave is 5 more in danger of being truncated. Balanced Proportions (“The Right Look”) : It is important that waves within a 5-wave or 3-wave sequence show reasonably balanced proportions to each other… not just in terms of size/magnitude (which can generally be verified by Fibonacci retracement and extension ratios), but also in terms of  time duration . This balancing can occur either via alternation and/or via equality. Consider the following as an example for ‘balance through alternation’ : an impulse is showing a classic deep and short-lived wave 2, plus a shallow but time-lengthy wave 4. The time-lengthiness of wave 4 is in balance with the depth of wave 2, while the shallowness of wave 4 is in balance with the short-lived nature of wave 2, thereby creating balance through alternation. The same need for balance applies for any motive waves within a 5-wave sequence (i.e. 1,3, and 5). The exception however will be the potentially extended wave within the sequence. It can/will be much larger in terms of magnitude and time than the other four waves, but the sub-waves (inside the extended wave) must show a balance to each other. The extended wave will also express relatedness to the other waves of the sequence by the angle of the overall price movement (that’s why impulsive motive waves travel quite neatly within parallel channel lines most of the time, even if one of the waves is extended). Consider the following as an example for ‘balance through equality AND alternation’ . Wave 1 and 5 of an impulse sequence are equal in size and duration (equality), while wave 3 is extended (alternation to waves 1 and 5). Alarm bells should be going off when a potential wave 4 is starting to grow out of proportion in terms of size and duration relative to the other waves of the same degree. It is dangerous to disregard the factor of balanced proportions during wave counting. Disproportionate and misshapen patterns should be seriously questioned. The ‘right look’ may not be evident at all degrees of trend simultaneously, so it is best to focus on the degrees that are the clearest.
XEducation
by ferGOD
10
Elliot wave Count and a perfect play of the failureHello fellas, welcome back with me for this quick and details analysis about bitcoin . Let's get it started! Just like what I've mentioned before, there is a spike to the upside with a descending triangle failure has occured. I've shared it to you about the psychology behind the triangle, consolidation stage and its correlation with the MACD golden crossover and histogram shifting to the upside. Now, in this podcast, I want to show you about the elliot wave structure and how I apply it on the chart. Like what I've told you before, there will always be a corrective wave in a huge major trend whether it is going to the upside or to the downside. In this example of bitcoin , we see that the period since June 26th as a correction stage for bitcoin . There will always be a hard time during the correction phase, because a lot of uncertainty and doubt will occur at this phase. The elliot wave theory itself has already covered these aspects into a more simple definition with the potential corrective wave pattern and one of them is called the wave failure pattern ( W-X-Y pattern or W-X-Y-Z pattern). These is called failure corrective pattern because after the ABC occur, the next 5 sub wave in the potential wave doesn't even break the top of the previous interim swing high. And just like what you've seen, this is my elliot wave count of current bitcoin's movement since June 26th, 2019. If this count is valid, there is a huge potential of bitcoin to retest the previous broken support that is now become resistance and this area is having a confluence with the golden pocket region. I see that currently the price is moving in potential sub wave C. We can assume the $9500 or the golden pocket region as the last target for you who have opened a long entry. But, we need to see the price to break the 38.2 levels if fibonacci first as the strongest support in short term.
BITFINEX:BTCUSD
by julio24albert
ENDING DIAGONAL SIGNALS BEARISH REVERSAL ON USDJPYUSDJPY has just completed a five-wave bullish Elliot Wave impulse move with ending diagonal pattern in wave (v). According to the theory, a three-wave pullback in the opposite direction follows every impulse move. In USDJPY's case, the impulsive breakout of the ending diagonal trendline signals the completion of the impulse and the start of the correction. Price has the potential to retrace 50% of the previous impulse move, a possible 1:2 RR trade setup. Thanks for reading!
Short
by Veejahbee
2
Bitcoin Correction Ahead Before Big Bullish WaveBitcoin have formed 5 waves up which signal that we have started a new direction in trend which is a bullish one. However I do expect a big correction to the downside to form a wave 2 before the big bullish wave continue. We are approaching a very strong supply/resistance area on the chart between $11,500-$13,500. Once the bearish correction start I can see it going all the way down to $5.800-$8,500 to complete a wave 2. After the completion of wave 2 I will look for Bitcoin to head higher to create new highs above $20,000
COINBASE:BTCUSD
by JjohnsonBeGreat
EURNZD Is Drawing a Pattern That Should Scare the BullsThe Daily chart reveals something that should make the bulls feel uncomfortable. It shows that EURNZD’s massive decline from October 2018 high at 1.79337 to December 2018 low at 1.63279 took the shape of a textbook five-wave impulse. The pattern is labeled 1-2-3-4-5. EURNZD Bears Remain in Control According to the theory, the impulses point in the direction of the larger sequence, and a three-wave recovery in the opposite direction follows every impulse pattern. This means that once the corresponding A-B-C expanding flat correction in wave (B) is over, another decline in wave (C) can be expected. The resistance area around 61.8% Fibonacci level and the blue box zone is where a bearish reversal is likely to occur. However, even if the bulls manage to lift the price of EURNZD higher, the bearish outlook remains valid as long as the high/starting point of wave (A) at 1.79337 is intact. If this count is correct, traders should not put too much trust in EURNZD bulls right now and start to take profit in the blue box, especially given that wave (C)’s targets lie below wave (A) low at 1.63279. Did you like this analysis? Kindly let me know in the comment.
Short
by Veejahbee
8