Wxy
EUR/CAD (W,X,Y) Elliott Corrective PatternI was able to spot a few key rules for why this might play out the way it shows. Starting from the high on March 2018 we can begin to line up our WXY pattern. Within that WXY Corrective waves, you can find the ABC correctives. I'll leave you to interpret how you see those but I left them out to make the chart look cleaner.
- If you look at Fibonacci drawn from the High in March 2018 (0) to the Low in August 2018 (W) you can see that (X) has retraced to the .618. (You will have to place this fibs on your own as well. I have left it out to keep the chart clean.)
- Using the Fibs Extension from (0) to (W) to (X) you can hope that price will hit the .618 retracement and that will complete the (A) wave for the (Y) correction.
- The (Y) wave would be finished up at the purple resistance line. This is a resistance that has been tested for 2 decades. I've also used the distance measured from the first (0) to (W) wave to measure the (Y) wave.
PS: I'm still very new to this so I know my terminology or TA might be wonky but I hope I get some constructive criticism as in confirming my analysis or showing me a way in which I'm wrong.
EUR/CHF 1DSome view on Eur/Chf possible setup in couple of days of impulse and correction pattern. In wave C I see 3-3-5 formation is heading to complete on 4H chart, and price could possibly going down.
CHF/JPYChf/Jpy appears to be exactly following a bars pattern taken from CAD/SGD's recent correction on 4hr, take a look for yourself. It already broke trend line and is at the point in the pattern that the next move out should be the breakout to break last high, and a little more. Should it break the low again, I would anticipate a better buy from the 108-108.75 area, possibly a little lower, but that would be too easy and the bars pattern looks beautiful. Once it actually breaks out and takes off, trail your stop. Not necessary to risk that many pips.
Eur/Usd nice potential setup formingIf Eur/Usd continues to make a 3 wave corrective structure here, I would look to take it from the 800ma (blue) to the 200ma (red) on the daily.
BTC primary countBTC looking close to finishing this complex correction, hard to say if its a 2 wave or a B, my larger count suggests this is still a B wave and we will end up making a lower low and testing 3k. However it always remains possible to break impulsively up and if thats the case we should see quite a bit of strength on the next move. Order blocks daily and 4 hour are noted and the falling wedge stands out nicely. Ideal trade is the retrace on the break of the falling wedge. The strategy would be to wait for the breakout and buy the first pull back on the 1hr time frame with a stop at the low.
Chf/JPYMay have finished buys and be on the way down to complete a 7 swing. That would mean we have an expanded flat on 1 hr for downside. If it continues down I would expect it to probably reach 50% retracement. But if it breaks out to the upside from here I would be looking to get out of it. If it follows the path I have marked up, the buy would be the better trade.
Copper WXYAll Copper has been doing is expanding this WXY structure, but is came off the exact spot fib and pattern wise to go for Y.. Finally.
USD/MEXWho's in this sell I posted way back? Looking to go to 18.50-18.00 to break trend line more longer term.
AUD/NZDAN came off the 1.618 extension of what counts out like a wave 3 of a 5 wave move (which is typical). The 27% extension of "A" lines right up with the low that I am looking for it to break to go for the long term buy. Hoping for a wave 4 correction, and if so, then looking to short if corrective to break that low, then to buy later. Fingers crossed. Three potential trades here "IF" it completes the 5 wave...
chf/jpyComing off the 200 and 800MA's on 4hr. Will most likely break that high. Could have a correction here for an "X" wave to break trend line, then up, but I think headed to that zone.
USD/CADIf you consider UCAD to have made a leading diagonal (I do) then it just came of exactly the 27% extension of an expanded flat correction. In that case, we do not need to break the high and it can go all the way down to break the trend line from right here. The price action channel going up is very corrective and needs to at least correct itself at some point, but I think it is dropping. Everyone is looking left expecting it to make a triple combo just like the last big correction. Considering alteration of patterns I don't think it will repeat that.....
Eur/JpyEJ has looked very corrective since hitting the trend line. Could be a large buy potentially. Mat test or break Weekly mid bollinger band (20MA).
Gold | Bear BiasAs our last gold analysis was canceled but price moved accordingly and is still within great R:R, we have decided to re-engage this metal
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Price has set itself a beautiful expanding channel pattern with an accompanying ABCDE corrective sequence. As price currently sets on (E) , we should see price slump down further
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The bear scenario is currently accepted and the bias is confirmed
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Price is set to head for the 1197 area, while anything over the 1230.5 level is considered invalid
GBP/JPYWatch out for GJ to break trend line and then the high. The link to my youtube channel is below. I went over posted setups on that video today for time purposes.
USD/MEX Swing reminderUMEX is currently breaking the trend line. It is in the zone. Notice that the .764 extension breaks previous high. We It is in a strong uptrend currently but can reverse at any time really looking at the price action. I marked some potential levels for limits and targets. This is a weekly swing. The idea would be to get a correction breaking trend line. If it follows this path, then we should get another nice buy in the future.
GBP/CHFI pointed out on my weekly outlook that Gchf looked like it was making a buy setup. It did, but when you look at that wick on the first wave, we may be getting a "B" or "X" wave here, maybe some kind of flat.
Eur/Mex Ending DiagonalThis is the daily. Diagonal seems to be in a wave 5 position of a "C" wave. Emex seems to be holding at the 27% extension of first wave (high came off the 1.382 trend fib extension). Both Umex and Emex are showing "B" wave corrective structure. And I would not be surprised to this diagonal double top (See USOIL). It broke bottom trend line and pulled slightly back up. I would wait for (hope for) it to correct up and trade it by sell stop order to catch it on the way down, but that's just me personally. It seems like a "W" count to me. That would mean an "X" wave next (3 wave correction, usually somewhat flat like in this scenario) which can be 50-75% (usually about 62%) retracement of the 3 wave move by the time completed.
BTCUSD The RoadmapThe reason why many people get confused when they look at the BTCUSD chart is that we have a rather complex WXY correction instead of the typical ABC or ABCDE.
This chart is looking very good I made this count back in August (see original count down below) and it still holds true.
It just took longer than expected.
How is this chart structured?
You see 3 degrees of WXY corrections (yellow, blue red).
The yellow degree is the smallest and the red degree the biggest one.
The Roadmap:
Ok, so what can we expect?
We are right now in the downwards push (Y of yellow degree and X of blue degree).
After that, we will see a big push to the upside (Y of the blue degree and X of the red degree).
This is the point where everybody thinks that the bulls returned.
However, this is not the case, because we will see one more push to the downside (Y of the red degree).
This is the point where the market will shake out most of the people, and then when no one cares anymore, that's the point where we will go for the next bullrun.
I have similar ideas for LTC, ETH, and XRP, which I want to post over the next couple of days if you guys are interested.
So, if you find this article helpful show it some love.
