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Ascending Channel

SPY to Crash? (Impulse to corrective ZigzagMy first attempt at identifying an Elliot Wave Pattern - I'm short and seeking contrary opinions to this to break me of confirmation bias. I see an impulse (1-2-3-4-5) from the 6 month sell off into June that now is in a correction phase in a form of an A-B-C Zigzag. The Impulse confirmed the trend because the drop between 2 to 3 was longer than 1-2 and 4-5. 2 Did not pullback and breach 1, thus confirming the Impulse. The A-B-C zigzag is also well formed, especially with parallel lines which strengthens the notion it is a correction (counter trend rally). I think Downside is to retest previous low (Jun17). Thoughts? Thanks.
SP:SPXShort
by DarthTrader1357
Bitcoin Higher Low and Possible Higher HighHi everyone, Thank you for considering reading my idea. With the current pattern, Bitcoin has been forming higher lows and now, another possible higher high. My targets are these levels of the pink Fibonacci Retracement: 1.272 - $25.2K 1.414 - $25.7K 1.618 - $26.5K $26.5K is also the 0.618 level of the purple Fibonacci Retracement. It's also possible in the next few weeks, the 20 week moving average (white) will catch up until it reached $26.5K. We're also forming an ascending channel which is a bit bearish. Thank you for reading my idea. Like this idea and follow me for more ideas like this. NFA. TAYOR. DYOR. Cheers, Juvs
BITSTAMP:BTCUSDLong
by Juvssss
1
Not YetHi everyone, Yesterday, I released a post where I was discussing how BINANCE:DOTUSDT lost its micro support and broke the pattern it was forming to the downside. That breakout triggered a lot of stops below the flag. However, it is regaining its momentum by slowly decreasing the size of its red candles. We can also confirm that it found its new support by drawing support lines on BINANCE:DOTUSDT and BINANCE:ATOMUSDT where ATOM has found a strong support in confluence with the 200 ema. HOWEVER, In this chart, ATOM is forming a Head and Shoulders and DOT is forming a descending triangle on the higher timeframe, which is bearish for both currencies. So, ATOM might be retesting a resistance area before quitting its uptrend channel. In conclusion, the best action to do is to not close positions already taken but to reduce them. Hope you enjoyed today's analysis😊.
Long
by yassin_khanji
GBP/USD Daily Descending Trend line Hi Traders, Have a look at GBP/USD on the 4-hour and daily chart today. Having a look at the Daily time frame, we can see that price has been respecting this bearish trend line since the 20th of February 2022. We've had 5 taps so far on this giant daily trend line. Currently, it looks like the price is pushing to print its 6th tap. Now, we don’t know whether or not this next tap will be the one to finally break us out of this bearish pressure that we have been in for the greater part of 2022. However, if we were analyzing a trend, we can see that this trend is not bullish. Our bias must remain bearish until proven otherwise. Now, I am no fortune teller and I am not one of those traders that say that they can pick out where the exact bottom is. I only trade setups that make sense to me. So having said that, let's go deeper into the 4-hour time frame. This chart shows that price has been pushing upwards, bouncing inside this ascending channel. What do we look for on ascending channels? Usually, we look for a break and retest of the channel bottom. This means we are waiting for a possible bearish break of this channel with a retest of the bottom of the channel. If we see that, we can open up a short position with our targets being previous support around the 1.176 price level. What's interesting to look for is that if this channel breaks to the downside and retests just as the price is touching or tapping the daily descending trend line, well then that gives us huge confluence to go short. To add to that confluence, we have divergence on the MACD Histogram. As price makes higher highs within the ascending channel, we can see the histogram make lower lows showing that the bulls that are there right now might start to run out of steam and the giant daily bears might be biding their time, waiting for that perfect moment to push price back down. To sum up my current thoughts .. Do nothing until shown a reason to jump in. I cannot force these charts and bend them to my will. Therefore, we wait until these patterns present themselves to us on a silver platter. Then, we jump in and take full advantage of the offering. Hope you all have a fantastic Tuesday. See you all on the next one. The Vortex Trader.
Short
by TheVortexTrader
Ethereum ETH - New bull market! 10 000 - 20 000 USD next TARGET! On the weekly chart, we still have an incomplete Impulse Elliott Wave and I think it's the right time to finish it! The bulls successfully defended the 200 moving average, which is very important. 200 MA is considered as a huge support/resistance zone by huge institutions and hedge funds. Check out the volume profile indicator. Here we can see a gap that acted as a support! If we take a look at the RSI indicator, we can spot a beautiful bearish trendline. As per my Elliott Wave analysis, an ABC (classic ZigZag) correction has been successfully completed, and now we can start a new impulse wave! These yellow trend lines help us identify individual impulse waves, and we are clearly missing a 5th wave. I expect tremendous pumps for selected alt coins. You can find them in the related section down below. For more ideas, please hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
61
Bitcoin BTC - Ready for another pump! Wedge + Elliott Wave This is my quick update on Bitcoin on the 4h chart (local price action). Price is still holding the major support zone (21 700 USDT - 22 000 USDT) and that's why my bias is still very bullish! We have an incomplete rising wedge, so there is a great chance for another wave to the upside. As per my Elliott wave analysis - we are basically in the middle of this "huge" Impulse wave! There are a lot of Elliott waves combinations, but i think this is most probable scenario. Look at my ideas about interesting altcoins in the related section down below ↓ For more ideas please hit "Like" and "Follow"! My second alternative Elliott wave count. We have a leading first wave diagonal here.
Long
by UnknownUnicorn2537518
92
Gold XAU - New bull market just started! Elliott Wave + Channel Gold is currently sitting on a strong support level on the weekly chart! We have a great confluence here - an ascending parallel channel + 200 weekly moving average + bullish rectangle. 200 weekly MA is considered as a very strong support by huge institutions and hedge funds. ABC correction + Wave (4) have been completed, so we can start a new impulse wave from here! I think this will be the final impulse wave and then we can go back to retest the rectangle from the upside. You can place your profit target to the TOP of the parallel channel, but do not forget to switch to a LOG scale. Look at my ideas about Bitcoin and Ethereum in the related section down below ↓ For more ideas please hit "Like" and "Follow"!
OANDA:XAUUSDLong
by UnknownUnicorn2537518
25
GBP/JPY: bullish hammer candlestickGreat Britain Pound/Yen Japanese develop a bullish hammer candlestick in H1 timeframe, also the price it's into this bullish channel formation and we could to see a good position to long GBP. Meanwhile, in H4 timeframe it's in process to develop the next candlestick to form in H4 timeframe, if we see a strong bullish candlestick in H4 timeframe and depending how long it's the force of bull. This it's mean that bull are going to carry the price to the upside direction.\ For now, in H1 timeframe I see this candlestick pattern called bullish hammer. Now, I entry to long posiiton around $165.64 JPY, Stop Loss to $165.06 JPY and take profit to $166.85 JPY. Now, it's not only that I consider this analysis as right, I'm watching the H4 timeframe and depending what kind of candlestick will form, I will keep this position, by the contrary, i will closed up if I see the unexpected key to keep the trade. So, you can to put long position, but watching in H4 timeframe how the candlestick end. Good luck!!! I will update the H4 timeframe and inform you my decision in the next 2 hours.
Long
by harisonhbn9718
6
Ripple XRP - Warning to all traders! Elliott Wave + Channel XRP is the most hated and most loved coin on the crypto market, no doubt about it. I personally like XRP, because transactions are extremely fast and super cheap, but the price action is another level! But let's take a look at the weekly / 3D chart and do Elliott wave / chart patterns technical analysis. As you can see there is a huge symmetrical triangle that has been destroyed by the bears in May 2022. Usually if a major pattern breaks down, then we need a lot of time to recover. It is a common thing to retest the triangle and then make a new low on the macro scale. What's more, as per my Elliott wave analysis, I deeply miss the next final impulse wave down to complete a major ABC retracement. If we take a look at the volume indicator - bearish pressure is still pretty high, which is not good at this moment. We have a massive parallel channel on the weekly chart and I think we can definitely retest this channel again in the future. Due to my analysis - I think we will go temporarily up from here and then a final capitulation move is going to happen. I expect tremendous pumps for selected altcoins, you can find them in the related section down below ↓ For more ideas please hit "Like" and "Follow"!
by UnknownUnicorn2537518
27
USD/CAD: My perspective in this movement U.S. Dollar/Canadian Dollar it's look into this bullish channel and right now the price it's into this bearish movement that could to reach to $1.2618 CAD approx just shorting this par. This it's my Daily perspective. Right now, I see a zig zag movement that first we could to long in this gray zone and then sell in the resistance grey zone that I show in these arrow models. But I will going to still pending this opportunity to long USD/CAD around $1.2855 CAD to $1.2940 CAD. But remember, on Thrustday we have an important news in Euro and U.S. Dollar Euro to watch the interest rate and U.S. Dollar to watch the initial jobless claims. I wil lconsider this idea neutral until I see a reacton of bullish sentiment in the gray zone. I will going to analyze another Forex par soon.
by harisonhbn9718
Bitcoin BTC - Explosive breakout soon! + Elliott Wave + Channel IF you are an Elliott wave trader, you have to confirm that this is a valid EW count. As per my Elliott analysis, this impulse wave (5-3-5-3-5) has been completed successfully together with major ABC correction from 2021. On the daily chart we can spot 2 parallel channels and they are both close to a breakout, so with this confluence we can increase our probability! Next stop is major previous horizontal resistance + start of the gap + 0.618 FIB (around 36 500 USDT - 37 500 USDT). It is possible that we see this low price for the last time, because Bitcoin is very bullish asset and we are on a major support on the monthly scale (from 2017). Look at my idea about Bitcoin on the weekly timeframe in the related section down below ↓ For more ideas please hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
26
BTCUSDT needs to hold the 20kthe price lost the support after a breakout from the 21400 without momentum and the price retested the previous support as new resistance as I told you in my previous analysis. Now the price is isnide a minor descending channel inside the major ascending channel above the 20k. How to approach it? We could see a retest on 21k is to retest the previous support again. IF the price is going to get another rejection from it, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Short
by InkyGrip
14
MANA/USDT : Moving into two channels BINANCE:MANAUSDT Hello everyone 😃 Before we start to discuss, I'll be so glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it! $MANA is moving into double ascending channels and so, the lower trendline should be acting strong enough. In terms of this, I'll be managing to locate my Longs in two separate strategies. - Taking partial Long based on active stop-loss at $0.88 with a stop-loss at $0.83 as 4H close below. - Taking Long based on invalidation when it gets the hold above the marked red zone. So it's your choice, You know your risks better... Hope you enjoyed the content I created, You can support us with your likes and comments! Attention: this isn't financial advice we are just trying to help people with their vision. Have a good day! @Helical_Trades
Long
by Helical_Trades
10
Binance BNBUSDT - Macro Elliott Wave Analysis + RSI + Volume- As per my Elliott Wave analysis on the weekly chart - this coin looks very strong and we should experience more bullish sentiment. - We are currently in the huge impulse wave 3, subwave 4. - If we take a look at the volume , pretty much no one is selling, which is a good sign. - 200 weekly moving average is considered as a massive support by big instituions and we are currently very close to this level. - On the RSI indicator there is a bearish trendline , that can start a new uptrend when it breaks up. - BNB is the safest way to speculate on altcoins. - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more ideas please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
3
DXY - Weekly bearish divergence! + Elliott Wave + PIN BAR!- As per my Elliott Wave technical analysis - it looks like the massive impulse wave can be completed and we are now headed to a retracement. - On the weekly chart we have a shooting star - bearish candle with a long wick ( PIN BAR )! - If we take a look at the RSI indicator on this chart, we can see a bullish divergence , which is a pretty strong bearish signal. - We don't really know how deep the retracement will be, but we can go back down to the acceleration point + 0.618 FIB. - MACD histogram is going down and loosing momentum, which is a sign of weakness. - Look at my ideas about Bitcoin, Ethereum and TOTAL crypto cap in the related section down below ↓ - For more content, please hit "Like" & "Follow"!
TVC:DXYShort
by UnknownUnicorn2537518
9