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Wxy

USDJPY. Global map. Huge risk aversion is aheadYen is in demand when something terrible happens with the world, at least financial. This chart shows that we are on the edge. Don't blame Trump, he is not in yet ))) Green rectangle shows the area of potential reversal down where the green (c) of X = 1.618-2 of green (a). White falling trendline shows the maximum dollar strength area. Downside targets within the 61.8-78.6% Fib of the major upside move. Usually 78.6% has been hit as it's a large ABC.
Short
by aibek
4
XMRBTC (1H): Week Long Down Trend Breakout. Correction Over?XMRBTC has been in a week long down trend as labeled on the chart as Wave Y. The two purple lines outline the downtrend channel. Notice how it reached the top of the downtrend line twice previously and was rejected. We are currently on a potential breakout hourly candle. For the first time, we have passed above the top trend line and with an hourly candle close above the top trend line, we can confidently state that the down trend of the past 7 days has been reversed. I recommend going LONG now (being aggressive) or once an hourly candle closes above this trend line. Once we can confidently state that the down trend of the past 7 days has been reversed; the bigger question is the bigger correction over and we're going to move to a new ATH or will this simply be part of a WXYXZ corrective pattern. We'll discuss those upward targets in the coming days along with price projections for potential reversals down.
Long
by Volatile_Victory
8
XMRBTC: Correction ContinuesWith my update yesterday, everything started well then things started to run out of steam. As I mentioned in my update yesterday, if we cannot reach at least 0.0220 by the time that the hourly RSI rolls over then we'd need to re-evaluate. We got close, reaching 0.0219 but then we ran out of steam and momentum rolled over. Hopefully everyone followed my advice and was able to get out before the larger drop. I closed at 0.0215. If you did not get out then you are in luck... The primary pattern now appears to be a WXY correction with X forming an ABCDE triangle. Wave D's low should hold at 0.0190 as it bounced nicely off the the triangle's bottom trendline. I now expect prices to rise shortly to hit the top of the trendline (or slightly overshoot it) to complete Wave E at which point prices should fall violently down in Wave Y. If you were not able to get out of your LONG, prices should get back into the 0.0208 - 0.0212 range therefore I would hold and get out then. If you want to be aggressive, enter a short position in the 0.0208 - 0.0212 range (red box) with a stop at 0.020 (top of Wave C). If you want to be more conservative, enter a SHORT position on an hourly candle close outside of the bottom triangle trendline. Wave Y targets range from 0.0162768 (50% of W) to 0.01122678 (100% of W). Better Wave Y targets will be discussed once the ABCDE triangle completes and the bottom of the triangle trendline is broken.
Short
by Volatile_Victory
2
OIL WXY correction over or will it come down for the Z wave?USOIL Daily chart is at a critical point as it reaches the 61.8% Fib retracement of the correction so far. The important thing to note is if the WXY correction is complete and if bullish momentum dies at the trendline, we might get the Z wave. On the other hand if price breaks out of the corrective structure with conviction, then it will be a bullish impulse. Of course there will be plenty of opportunities and pullbacks to enter long. For now, I expect a swift reversal to complete the Z wave. Whichever way the market wants to move, let it confirm first. Trade with caution.
FX:USOILShort
by fxmillions
2
BTCUSD: Final Leg Down of Wave (4)? Or further to go?Our last post highlighted the idea that Wave (E) may not have been completed (see related link) and it appears that alternative has come to fruition. We were expecting a move down to the 61.8% fib ratio of Wave (C) but we have moved well past that. The next target would be $613.58 which we may have just hit (or almost hit) while I am typing this. This would make a perfect LONG opportunity as we have very strong resistance in the $610-$614 area: The bottom of the Ichimoku Cloud on the daily chart is at $611.39 Wave (C) low was $610.10 The 78.6% fib length of Wave (C) is $613.58 Five waves down can be counted on this latest drop therefore we should get relief soon (if not immediately). Place your stops slightly below $610 and we have a potential for a large move up with minimal risk to the down side. (Current price is $621) If we hit our stops around $610 then it appears that the alternate wave count as denoted on the chart in red is in play. This alternative would have us going down further to conclude Wave (Y) and ultimately Wave (4). If our $610 stop is hit then we will post another update outlining targets and alternatives.
BITFINEX:BTCUSDLong
by Volatile_Victory
2