Hi Traders, Gold is still bullish in the long run. I'm looking for price to test its all time high at 1920 and thereby make the case for a ABC regular flat. My view is that we will see the final five waves before price reaches the all time high. Look for long setups and keep buying the pullbacks. Regards Wave Theorist
The sharp decline in S&P 500 from its February 2020 high can be seen as an incomplete five-wave Elliot Wave impulse structure. The price breakout of the short-term trendline in wave (i), followed by a sharp corrective pullback in wave (ii) that retested the broken trendline. A sharp sell-off followed the retest and extends to 1.618 x wave (i), a common...
Hi Traders, Until the drop we had on February 20th, price was making a strong case for continuation towards 4000. This may still happen, as this current drop has completed a WXY expanding flat (i.e. wave 4 on the higher degree). I'm therefore looking for price to confirm long setups as it is expected that the bull rally may resume. Trade with...
As shown on the chart analysis, GBPusd the upside is still very much possible for the pair due to some reasons : 1. A clearly and vividly counted 5 impulse wave 2. followed by a big time correction of zigzag ( wxy) 3. The corrective structure has broken the 61.8 fib level. Therefore we must be expecting a resumption of the upside trend soon so far the...
The rally that started in December 2019 breakout descending wedge, resistance level and can be seen as a five-wave impulse pattern. Once a five-wave impulse is completed, a three-wave pullback follows according to Elliot Wave theory. In BCHUSD's case, the decline from February high to current low can be seen as a simple a-b-c zigzag/flag pattern. Wave c of the...
Gold’s reputation as a safe haven in times of financial turmoil was tarnished on Friday as the growing panic about the spread of coronavirus infections outside China saw the precious metal suffer one of its worst one-day drops on record. While the coronavirus is the major headline for the shock and awe in gold, the chart has already presented a pattern that...
AUDNZD has just completed a 5-3 "impulse-correction" wave cycle. The correction unfolded as an a-b-c zigzag with ending diagonal pattern in wave c. What's most interesting is how it completed the right shoulder of the H&S pattern at the support zone. Once a 5-3 pattern is completed, the trend resumes in the direction of the impulse, which is bullish in AUDNZD's...
Hi Traders, I'm looking for an expanding flat in wave X. It is at this point where I'm expecting institutional sellers to take short positions. With this being said, we currently do not have a confirmation take any short positions. Wait for confirmation before taking short positions. Regards Wave Theorist
Silver breakout rally from wave ii low has been in a five-wave pattern. According to Elliot Wave theory, a three-wave pullback follows every impulse and that's what I'm expecting from XAGUSD right now. The completion of the correction should set a stage for a significant rally in wave (iii). See related ideas for long term Silver Elliot Wave setups I published...
Hi Traders, When looked at on the weekly chart, GBPAUD is currently in a critical sell zone. I'm anticipating a final bull leg before price may show signs of reversal. Wait for clear confirmation before taking any long trades. Regards Wave Theorist
Hi Traders, Price was in the middle of an ending diagonal a couple of sessions ago, until this situation was made invalid by the breakout above 3150.00. I am therefore looking for a five wave sequence in the higher degree wave 5, and at the moment it seems that price may rally towards 4000. The plan is simple: keep buying every pullback and hold until price...
Ah EURUSD... You have never cease to amaze me. I gave u peesha now. . . . . We are expecting an awesome rally on this pair. BE AWARE ITS A VERYYYY LONG TERM. Regardless, my very first target would be area 1.13358 And looking at the count, MY OH MY ! This rally could way up up up UPUPUPUPUPUPUP to 1.14908 And if it goes well, 1.16000 is not a pipe dream my dearest...
The daily chart above reveals CHFJPY's entire progress since October 2019 low. It looks like the past 4 months have resulted in a textbook five-wave impulse. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v) and the five sub-waves of wave (iii) are also visible. Look how the entire structure fits into a base channel. The guideline of alternation has been taken into...
Founded in 2006, Twitter Inc. is one of the leading microblogging and social networking site in the world. The stock had an exceptionally strong run between 2016 and 2018. In a little over two years, the share price rose from as low as $13.63to as high as $47.87. That’s 252% gain in two years. Unfortunately for shareholders, the bulls could not keep that...
Target 6300
Hi Traders, We have a textbook ending diagonal pattern currently in progress. This is a reversal pattern and is confirmed by the loss of bullish momentum as illustrated by the RSI and MACD. Wait for a bear impulse breakout from the structure before looking for any short trades. Regards, Wave Theorist
Hi Traders, I was initially expecting price to form an ending diagonal, thereby slowing down the bull trend for downside. However the ending diagonal is now invalid because price has slightly broken out of the structure in the past week. What's more is that we have no divergence on the RSI, and this indicates further upside. Therefore, we can keep buying the...
Hi Traders, We've seen EURUSD breakout of the Ending Diagonal with a bullish impulse wave. An impulsive breakout is quite significant because it simply means that the diagonal pattern is complete and that the market is ready for long positions. We have a gartley pattern which suggests a long entry if price reaches the 1.0974 region. In summary, I'm bullish on...