Really easy setup if this plays out.
Previously we can see a H&S pattern literally right before this potential setup.
For confirmation of this pattern I will be waiting for another touch against the neckline of the previous pattern where there is clear resistance.
Ideally a touch of this resistance followed by a right shoulder tap on the extension of 61.8% would...
Once again another easy setup.
We can clearly see a wedge pattern forming.
Elliot wave impulse to record the 5 bounces.
Bearish break as expected, Target for this trade would be calculated using points 1 & 4 from the EW.
Here on the 4H chart, we can see a falling wedge has formed.
I've used the Elliot wave impulse to find the 5 bounces within the wedge.
As we already know that points 1 & 4 will give us the expected target once it breaks.
Really easy setup to follow.
Here we can see a potential reverse H&S Pattern beginning to form.
I will be looking for long position once gold taps the 61.8 fib retracement level to form the right shoulder.
We already know that if this pattern forms once the neckline breaks it should break the same length as the neck to head.
After putting in a fib extensions from the 61.8 retracement we can...
On my analysis we can see that BTC has now tried to push past the $10,000 point but has failed twice showing a strong area of resistance. I have also found a common bullish trend which on the most recent bearish engulfing candle has touched perfectly confirming how valid the upwards support area is.
My theory is that BTC will now consolidate shortly and then...
From what we have seen previously, there is a strong level of support/resistance around the 1710 area.
Using this information we can see that before the market closed the bearish engulfing candle broke beyond the 1710.
With my theory I'm expecting Gold long term to fall around the 1600 area.
To confirm this short position I will be waiting for a retest of 1710...
From the looks of my chart, XRP was very bullish and did not manage to break the key level (0.23000).
Since it did not break the key level (0.23000) my intended target would've been the next key level (0.20000).
During the early hours of 10/05 we can see a huge bearish engulfing straight down to the next key level which also happens to be our target and key level...