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Elliott Wave Analysis: NASDAQ100 Higher After 3-3-5 Pattern

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Apr 07 2021

Hello everyone!

Today we’d like to present you the chart of the NASDAQ100 and how price unfolded based on Elliott Wave cylces.

First of all we need to take a step back from the chart and remind you that if you are trading markets then you may notice that US stocks moved nicely higher recently, after Biden unveils $2trl infrastructure plan and big corporate tax rises. Another reason for higher stocks are good US NFP report on Friday. Today, we will look how powerful Elliott Wave pattern can in some cases indicate a strong upcoming move before it actually happens. We will focus on NASDAQ100 in particular.

On March 26th we were analyzing the situation of the NASDAQ100. We noticed how a three-wave pullback started from the top on March 16th suggesting a correction was starting to unfold.

Eventually the consequential move up was yet in three waves, suggesting the correction was not finished yet. After the last leg down in 5 waves to complete a higher degree c) wave we could then assume the correction could have been completed.

NASDAQ100 March 26th chart:


We’d like to remind you that when we see a correction whose sub-waves are subdivided in 3-3-5, we as Elliott Wave Analyst like to identify it as a Flat correction.
In a flat correction the B wave is allowed to go past the starting point of the A wave(where the previous 5 is) and that would be called Irregular Flat. However this was not the case since we had a Regular Flat. Anyway we know that usually, a B wave of a flat correction will tend to have a deeper retracement than in a Zig-Zag pattern whose sub-waves are in the structure of 5-3-5.

Here’s a visual example of a Regular Flat:


With that theoretical piece of information being said, now it’s easier to understand that we took advantage of the Flat Correction to try and enter where the C wave ended which is usually around equality in length compared to wave A(as shown in the picture above).

At that point we were expecting a resumption of the overall bullish trend with a five waves up move. We also know that since we were predicting a wave 3, the move up should have been quite aggressive, as waves 3 are usually very steep as explained in the Elliott Wave Principle.
Well, as you can see, the move up was quite steep indeed.

Updated chart:


At this stage you could expect further upside to come. We believe that minuette wave iii) could come to an end soon and perhaps an entry in wave iv) could be taken into consideration if the opportunity presents itself.
We need to warn you that this move up could have not been a higher degree 123 but an ABC instead. So we may continue lower, especially if we are not able to break the old top at 13900.

 

Copper May Push Aussie Higher

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Apr 06 2021

Hello traders and investors!

Today we will talk about Aussie (AUDUSD) + Copper and their positive correlation from the Elliott Wave perspective.

As you may already know, Copper and AUDUSD are in positive correlation, not tick by tick, but most of the time they are moving together.
Well, after recent slow down on both assets, seems like it's just a corrective phase in wave four with quite nice support on Aussie. It's trying to bounce after a three-wave corrective setback, right from ideal 38,2% Fibonacci retracement, channel support line and 100-day SMA line, which can be an indication that wave 4 is completed and it can be now on the way back to highs for wave 5.



As said above, the main reason for a bullish continuation is Copper, in which we see a bullish triangle formation within wave IV. Triangle is a continuation pattern which consist of five waves A-B-C-D-E. So, once a triangle is fully finished, where wave E is still missing, we can easily expect it back to highs for the final wave V that can also push Aussie into a 5th wave.




Elliott wave analysis on DOGE: Lower the better for later gains

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April 02 2021

Hello traders,

As you know market moves in cycles and sentiment based on supply and demand . And when something is just too crowed then normally we see the opposite reaction. So I would not be surprised by more weakness on Doge as there are just a lot of market participants expecting much higher prices. It's an extreme so it's good to be aware that there can be lower pullback and maybe much better prices to be long later.




Breakout On DOGE Failed On April Fool's Day by ew-forecast on TradingView.com




 


Elliott Wave Analysis: Consolidation Can Send BTCUSD Higher

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Mar 31 2021

Hello traders,

I am back with new video analysis, covering some educational part for a triangle which can be maybe the case on Bitcoin. Another view is an ending diagonal.

Trade well,

GH

Elliott Wave Analysis: Consolidation Can Send BTCUSD Higher by ew-forecast on TradingView.com

 

Ethereum Remains Bullish

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Mar 30 2021

Hello traders and investors!

Today we will talk about cryptocurrencies, specifically Ethereum ( ETHUSD ), its price action from a technical point of view, and wave structure from the Elliott Wave perspective.

Well, as you already know, the Crypto market is in a massive rally and after recent sideways price action and corrective wave structure, seems like there's room for more gains, especially for ETHUSD in which we see a bullish development based on two different interpretations.

In the first count, we are tracking a bullish triangle formation within wave 4, where the final wave »e« is still missing before we will see a break into new all-time highs for wave 5.

In the second count, we are observing a completed wave 4 correction, which can be followed by a new five-wave impulse within wave 5 that can push the price straight into all-time highs with room even up towards 2500 area.

What we want to say is that, be aware of a bullish continuation on Ethereum at the beginning of April, but only if the price manages to stay above the 1520 invalidation level.

Be humble and trade smart!




Surfing the Waves Mar 30 2021 -Video Update

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Mar 30 2021

Hey traders!

Below is new video analysis, covering 10 year US notes, usdjpy, euraud, audjpy, usdchf, sp500 and nasdaq100.

 
GH


Stocks Are Bullish, But Pullbacks Are Inevitable As No Fear May Bring The Fear

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Mar 30 2021

Hello traders and investors!

Today we will talk about stocks and correlated markets that can be indicating for a potential slow down in the next few sessions.

Regarding stocks, it's important to keep an eye on VIX (Volatility Index), which is seen at very low levels, meaning investors are not worried about the potential drop on stock price, but we know that market moves in cycles so when there is no fear it may suggest that we may see the opposite reaction. Volatility could pick up in the next few months and normally that's the case when stocks are coming down.

Why we think that there can be some reversals coming in the markets are definitely Emerging markets (EEM) where price is coming out of an EW channel after a completed five-wave cycle, therefore a three-wave (A)-(B)-(C) setback can see more weakness.

Next very important market for positive economic cycle is Crude oil, where higher price is caused by higher demand which comes out of economic activity. But energy is turning down now, so can be first indication for a potential lower stock prices in weeks ahead. And it's also important to mention that S&P500 can be approaching 4k psychological level within a potential wedge pattern, known as a reversal pattern.

With that being said, we think that it's good to be aware of a potential reversals in weeks ahead and be properly prepared rather then negatively surprised. I believe that these markets have room for more upside but retracement are healthy and almost needed at this point to attract new buyers at better price levels.

Trade well,

GH

Be humble and trade/invest smart!




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