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Eliotwave

QS - QUANTUM GAINS INCOMINGThis has been a stock that has hilarious rocketed to over $100. I actually had a coworker tell me about this stock, battery hopes, rocketship emojis, and all that. He bought at $100 and sold at $45 today. Hilarious. We don't get attached to stocks here. We are traders. And boy this setup was beautiful. Trading the B waves of exponential run ups are insane, and that's what we got on our hands here. First let's look at the macro view. I think this stock is working on coiling down into an ABC. Now we are looking for evidence of completion of wave A. For this idea, I have 3 price targets in mind. The risk reward is most favorable for target point #1 of $85. I will be selling there and moving my money to the next s*** stock. Here, there is a blaring gap along the way that will want to be filled. I put the fib retrace on an endpoint of $38 which is the premise I am basing this trade around. Low and behold you have beautiful reactions and the other significant fib levels for retracements. Two additions TPs were identified with reasons shown on the graph. Test your luck with those. Next, let's dig into the major price levels I have for completion of wave A. From previous price action I have $45.50 and $38. I entered 70% of my long position at pennies away from the low this morning since I had identified $45.50. The remainder will go in IF we hit $38. If we don't go to $38, I will look for a retrace to enter, but only if trend reversal is confirmed by eliot wave count validation. We have more evidence that the $38 price target is valid. Dissecting wave 5, it becomes a bit more clear. However, it should be noted that we already hit the 2.272 extension of 1 to 2 which is typical target for wave 5's. For this reason, I am 70% into my position. To also comment on why $38 is on the table, it appears that major indices are cooling off. SP500 ES futures have bounced off the top of channel defining this uptrend. AMZN and other tech stocks appear to head into a wave E of the triangle compression. Extra info there, but those are my proxies for this play if it has another leg down. Lastly, let's talk about divergence. It is a leading indicator of a pending trend reversal. You can use RSI, PPO, MACD do, but prefer RSI with the standard presets. You have divergence on all major timeframes now. It will not be invalidated for a move to $38; will only extend it and add more meat to the bone. GOODLUCK s/o Hawk's Nest
NYSE:QSLong
by warrenbudget
23
GBPJPY analysis and forecastHi traders, as you see gbpjpy is in big bearish flag pattern, price didnt break high of our impulse so this setup is still valid for me. Price break our trendline agressively so that indicate that price is lossing buy momentum and it might push lower. But in order to confirm that move we need correction so that our price action will be complete. I will wait for possible retrace and correction on 1h, i will update below when it will be ready. As i posted few days ago, gbp index is showing that it can push bit higher so that might give us correction on GBPJPY, stay patient!
Short
by KosirFX
2
Gold Elliott wave analysisshort term gold bull rally ran out of steam near 1965 which was started at 50% retracement of entire trend. everything depends upon 1764 support if that broken bulls will re enter the market again at 61% retracement. on the breakout of wxy low at 1764, 100% projection of bearish trend lies at 1648 blow multiple daily low. (since this rally ends at 61% retracement of bearish trend and sub waves of this trend were corrective not the impulsive. new lower low is much more expected. )
FOREXCOM:XAUUSDLong
by Sangam-Agarwal
EURUSD analysis and forecastHi traders, i expect some short term buy on dxy and that should push EU lower. As you see price broke out of ascending channel and is now struggling and lossing buy momentum. So its very likely to see retest of trendline like i shown, i think that price will move in corrective waves to the downside and retest 1.20000, so short term sell is expected there. Watch lower time frame for possible corrections and cofirmations to enter sells. I will post below higher time frame picture, check it bellow! Good luck
Short
by KosirFX
GOLD analysis and forecast UPDATEHi traders, we were talking about gold making correction and its happening. We already have 2 wave structure in that bearish flag, or A and B wave in that correction so we are expecting to see one more push to the upside. I would like to see price pushing higher to fib 0.618 or 0.786 which will confirm that price will move sharply after that and give us better risk to reward ratio, but keep your eyes on it! Remember bigger correction will give us bigger wave. Anyway im expecting nice wave to the downside, stay patient and good luck!
OANDA:XAUUSDShort
by KosirFX