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Wxy

WXY Correction still in progress- Danger Will Robinson!In a WXY 3-3-3 corrective wave we expect 2 more waves in our chart to complete the formation. Today Dow touched the midline of channel shown in pitchfork, but 0.382 Fibo could be a bottom, but rarely is. In the cup-and-Handle formation we expect a decline to reach ~0.50 Fibo of cup, still a bit shy and looking for prices in the mid- 24800s. We might be in for more volatility followed by choppy consolidation, look out traders- be cautious! This is not investment advice it's just for education. Good luck!
DJ:DJIShort
by DaddySawbucks
4
SPX Corrective WXY Wave entering Y leg down to 2802 SupportSand P has been more resilient than Dow and declines less, advances more. Still a short opportunity appearing now in final down leg of corrective wave. I wouldn't hold puts or shorts below 2800- look for a strong bullish reversal into a combo (5)(V)(v) wave to new All-Time High after this correction- starting real soon. See my Dow post too, same idea, but probably more bearish action on the Industrial index for option traders. After the storm, I'd go long SPY for more bullish action. I'm calling this a WXY b/c it is a 3-3-3 wave pattern- abrupt, brief, less complex than an ABC, shorter timespan, and there is no discernible 5 wave impulse. As always I'm not an investment advisor, this is not advice its an amusing education post, good luck!
SP:SPXShort
by DaddySawbucks
4
Eur/chfEchf coming off .618. The truth is, I have no idea how the pattern will play out, but consider the measurements of that 3 wave I expect further corrective structure to develop upward. I circled that pattern to the left just to show you one possible way it can do it. Maybe we are just looking at a running flat and it continues up, to break the high. I just don't see it making such a sharp move down from the major high and then only doing a stunted 3 wave to 50% for a wave 2. That's just not Eur/Chf's personality...
by thillygoosth
NZD/CHFThere is some NZD and AUD news drivers this week. Forgive the messy chart. But NZD/CHF measures and counts out to be doing a large 7 swing structure going down. I posted the 4 hr yesterday I believe (I will post another close up look). We got a small correction up that seemed to be correcting itself down running into my 50% weekly pitchfork line, and a w-x-y pattern (which it looks like it is making) should most likely brig it up to trend line. If this is a corrective move, then the next sell would be your swing 7 and the long one, which would finish out the overlapping combo patterns trend fib wise, giving you your 50-62% retrace of the full move up on the weekly. This would basically have Nchf correcting up to meet the 200 and 800MA on the daily, then running it back down to fork.
Long
by thillygoosth
XAG/USDSilver has done 7 swing upon 7 swing. Oversold on weekly. Over extended on Monthly TDI. Already turned up on Daily TDI. There is potential for a very large trade to the upside if it were to do a larger 7 swing on the larger scale. We can get more downside before the LARGE upside move, but we are at a major fibonacci and pattern confluent supply zone. Hard for me to fully explain here what I am looking at, but major level, large potential for upside from this area is all I can really say, I can't explain the different scenarios.
OANDA:XAGUSD
by thillygoosth
oh yeah... Chf/JpyI posted the buy and mentioned it might tag the high. It may be a very nice sell from here, I can't remember if I told you to sell it from the high or not. If it goes up, then look to sell it off the 800 MA (Off the 200 now) in order to correct this WXY/ Diagonal crap it's doing. It would make sense pattern wise to come down from here, but I do see more up on the weekly. Just looking for a correction. You're on your own. Use a strategy for entry and exit and whatnot. Don't just go jumping in pairs like chf/jpy with no plan... Or stay away from it. you should have already got plenty of pips today if you took the trades, and have some still running if you did it right. Thanks guys. have a great London!
by thillygoosth
GBP/CAD- One to pay attention toIt is just sitting at the low. It is in a downtrend and fib wise it can extend down more. You see the daily divergence. the weekly shows more room down. Considering it did such a simple WXY 3 wave correction, I would expect it to at least do a running flat if it is going to plummet... But it may even go into a much larger corrective structure. I am not going to give a buy signal on it right now, I will just say what I said, and to watch that .618 fib extension level if it were to keep dropping. A flat correction could be a lot of pips..... The reason I say to note that fib extension is because that is a swing area from the move down from top that is also relative to the 27% extension of the simple 3 wave correction that it did, which only retraced 50% if I remember correctly, which is enough. it is at a point that it is possible it could pull up from right here, but there is no confirmation of any price reversal. And I did post my long term CXY analysis, but Cad does have a zone that it can correct further into. But wait for some sort of confirmation or watch those levels.
by thillygoosth
2
GBP/AUDThis is what is making me not so overly hot about the Eur/Aud sell, at least in any long term. GA looks like it needs to pull up. Best thing to do is wait and get in on a 1hr flag, but it looks like it will at least be creating more of this smaller corrective structure with the possibility of going up much more pattern wise. It can extend down more in this channel, but I see it very likely to go up and at least tag that high at 1.78. Just keep in mind that how choppy this pair is. But this the type of price action (even from the top) where run it back up. Notice the smaller WXY pattern, and the larger one. Eur/Aud is at a key spot where it can pull down some, I will post an update on that in a sec. Keep in mind they are in correction but are at a point that they can breakout and make a move.
Long
by thillygoosth
Aud/Cad Weekly 7 swing patternI posted a possible spike up on Acad (but I have been talking about the downside for a while), and unfortunately have not been able to chart watch and update stuff. I just want to show you what I am looking at long term. Measures and counts to be making a 7 swing pattern that should take it down to that zone Long term. We got a correction and a breakout that could possibly continue to the downside from here. It consolidated at the 200ma/mid band(20ma) on the weekly. So I will continue to look for sell setups in the future, as it is a choppy pair.
by thillygoosth
4