Wyckoff_Monk

Wyckoff_Monk

After the breakout of the trading range with strong volume indicating presence of a bigger demand, now we are at the level of testing the resistance in the Wyckoff literature this is called jump across the creek which is a higher low above the trading range now our bias is 100% confirmed

Wyckoff_Monk

i missed the first entry at the test, but i got in at the breakout, now anticipating the next move at the backup after the major sign of strength, this is still remain a potential accumulation the nothing is confirmed yet the backup is our final confirmation

Wyckoff_Monk

since Dec 5th 2023 bitcoin has been in a trading range sometimes even creating new higher highs (45879 high) but no follow through until Jan 3rd market did the strongest down move with the biggest volume signature but the result of it was not that bearish since it closed near it's high that, that move made me think that the market is still supported by buyers and...

Wyckoff_Monk

Since Dec 9 ethereum has been ranging providing no clear direction until Jan 3 where extremly high volume attempt to break the low of Dec 18 but with a increase demand coming in and close insinde of the trading range for me this was my confirmation of a potential accumulation if the biggest volume ever since Aug 2023 could not take the market lower then we have a...

Wyckoff_Monk

as we all know cryptocurrencies are highly sensitive to risk appetite, as we all know the bear market is still ON but it start losing power specially after January's low inflation data of the greenbuck plus Europe specially germany have know a rise by 1.9% growth, of course investors sentiment about global economy is not as bearish as it were in september 2022 of...

Wyckoff_Monk

my count suggests that a corrective phase has ended therefore a motive phase shall start in order to finish up the 5th wave. right now market is correcting once it is done time must has come to plunder the land of samurai

Wyckoff_Monk

my count suggest that we just finished the corrective phase thanks to the NFP that changed market's direction to the up side now we are anticipating a 5 wave to the rise of course our entry will be after wave 2 end

Wyckoff_Monk

we had a previous analysis stating that we are currently in a triangle or triple combo correction, but after a review and suggesting different scenarios to the same chart we can also have a different reading, and honestly this is more accepted than the previous one, right now i'm not sure if wave 3 has ended and price is making wave 4 but patience is a vertue when...

Wyckoff_Monk

just by the slope we can see we have a time consuming correction and by overlaps we can suppose we have a lot of diagonals, well this is my count if you have a better one call me

Wyckoff_Monk

once price breaks the 4th wave of (c) wave just dive

Wyckoff_Monk

the wave count dictates that we are in wave X of a minute degree and yet we haven't show the complete pattern so here is the probabilities: 1) Triangle : it is the highly probable pattern, and since the wave B/X is smaller than A/W and wave C/Y is bigger than wave B/X allows us to assume that a probable triangle would be a barrier triangle, with that being said...

Wyckoff_Monk

as any wave principle trader can see there is 12345 impulse which seems that it is a leading diagonal with that being said we can conclude that this either a wave A or wave 1 of a bigger degree, there also a complex correction that anyone could tell that it is flat x zigzag, that correction ended in a convergence zone, and convergence zones are zones that groups...

Wyckoff_Monk

Gentlemen as the chart illustrates we have a WXY correction that sub-divides into zigzag,flat and another zigzag, my expectation is that the price will react to that support level and go higher finishing the fifth wave, you might ask why do i think that this will happen the reason is simple if you switch to a lower timeframe and open any oscillator you'll read a...

Wyckoff_Monk

The Aussie can go bullish after 4 days of consolidation which is an WXY correction if i followed well the wave principle !, and as anyone can state that the wave (y) is going or has closed in the unmitigated order block (it depends at what time u saw this idea), the other confluence present on the chart is a divergence in bill wiliams chaos oscillator known as...

Wyckoff_Monk

since trading is a game of probabilities we fellow traders starve for confluences and we always seek more of it, anyway in this chart exists 4 confluences that i'm going to mention: 1 - bullish volume is fading means that price can go short 2 - divergence in bill's awesome oscillator 3 - ending of WXY correction pattern elliott wave 4 - finally that mystical level...

Wyckoff_Monk

market just finished a major wave (B) and heading to make major wave (C), but price reached an order block which i think that the price will react to it then start it's rally for the (C) wave

Wyckoff_Monk

as i said in the title the eur/cad has just finished wave (e) which is a triangle that is part of major wave (b) and it is the opportunity to enter short

Wyckoff_Monk

as the title says there is a divergence in wave (b) in USD/JPY pair at 1 hour TF with 5/34/5 MACD, so we have 2 powerful confluences and that allow us to take that short trade with confidence