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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 203332, member: 40858"] AVAX (Avalanche) is one the top cryptocurrency having market cap around $25.9B. In cryptocurrency segment, it is ranked 11th by market cap having current price at around $106.1. Since June-2021 low, it rises more than 10 fold in the price, which shows the tremendous strength & trend in past few months. Since September-2020, AVAX (AVAXUSDT - Binance) started the higher high sequence & gains the initial momentum in early 2021. It favored ended the impulse sequence as I red at $60.30 on 2/10/2021 high started from 9/22/2020 low. Thereafter the larger correction of II unfolded & ended at $9.32 low on 6/22/2021. The correction was 0.854 as dip retracement of previous wave I. In the previous blog, it expected to extend higher in ((3)), while dips remain above $51.04 low. But it gave dip correction from ATH, which favors the idea of ((1)) ended at $147 high followed by ((2)) correction at $75.50 low. [HEADING=3]AVAX - Elliott Wave Daily Latest View:[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/01/avax-d7.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2022/01/avax-d7-1024x481.png[/IMG][/URL] It gains the huge momentum in the sequence started from 6/22/2021 low & placed ((1)) at $147 high on 11/21/2021. It favored ended (1) at $79.80 high on 9/23/2021. It placed (2) at $51.04 low on 10/12/2021 as 0.382 retracement against the previous cycle of (1). It proposed ended (3) at $110.41 high & (4) at $92.00 as 0.236 retracement of wave (3). Finally it favored ended (5) at $147 high on 11/21/2021 as ((1)). While below $147 high, it proposed ended ((2)) as zigzag correction at $75.50 low. ((2)) was 0.5 retracement of ((1)). It proposed ended (1) at $127.32 high & (2) at $98.25 low on 12/30/2021. While dips remain above $98.25 low, it expect to extend higher in (3), which will confirm when it breaks above $127.32 high of (1). Alternatively, if it breaks below $98.25 low from current level, we can see double correction lower in (2) towards $88.45 - $81.60 area, which ideally should remain above $75.50 to resume higher. Source: [URL]https://elliottwave-forecast.com/forex/elliott-wave-view-avax-extend-higher/[/URL] [automerge]1641312808[/automerge] Soybeans Futures ( $ZS_F ) is another instrument that has given us trading opportunities lately . The commodity is showing impulsive bullish sequences in the cycle from the November's 1181'3 low. Recently it made clear 3 waves pull back and found buyers at the blue box as we expected. In this technical blog we’re going to take a quick look at the charts of Soybeans Futures published in members area of the website and explain the Elliott Wave structure and trading strategy. [HEADING=3]Soybeans $ZS_F Elliott Wave 1 Hour Chart 12.31.2021[/HEADING] Current view suggests the commodity is ending 4 red as Elliott Wave Double Three pattern. The correction is labeled as ((w))((x))((y)). Buyers should ideally appear at the blue box : 1328'6-1310'0 for 3 waves bounce at least. We already can count 7 swings down from the peak, so turn higher can be taking place any moment. Once bounce reaches 50 Fibs against the ((w)) black connector, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break below 1.618 fibs extension: 1310'0. [I]You can learn more about Elliott Wave Patterns at our [B]Free Elliott Wave Educational Web Page[/B].[/I] [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/01/Soybeans-12.31.jpg'][IMG alt="Soybeans"]https://elliottwave-forecast.com/wp-content/uploads/2022/01/Soybeans-12.31.jpg[/IMG][/URL] [HEADING=3]Soybeans $ZS_F Elliott Wave 1 Hour Chart 12.31.2021[/HEADING] The commodity has found buyers at the marked zone and we got very good reaction from there. The rally from the blue box reached and exceeded 50 fibs against the ((x)) connector. Consequently members who have taken the long trades at the blue box now enjoying profits in a risk free trades. Now we would need to see break of 3 red peak in order to confirm next leg up is in progress. Otherwise if pivot at 4 red low gives up in the mean time, we can get double from the peak, which will give us opportunity to buy the commodity again. Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the [B]Live Trading Room[/B]. [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/01/Soybeans-01.03.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2022/01/Soybeans-01.03.jpg[/IMG][/URL] [B]Elliott Wave Forecast[/B] Source: [URL]https://elliottwave-forecast.com/trading/soybeans-zs_f-buying-dips-blue-box/[/URL] [automerge]1641312839[/automerge] In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of XLY. In which, the rally from 18 March 2020 low unfolded as a nest and showed a higher high sequence. Therefore, we knew that the structure in XLY is incomplete to the upside & should see more upside. So, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below: [HEADING=3]XLY 4 Hour Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/01/XLY-4H20211219083227.jpg'][IMG alt="XLY Reacting Higher After Ending Double Correction"]https://elliottwave-forecast.com/wp-content/uploads/2022/01/XLY-4H20211219083227-1024x512.jpg[/IMG][/URL] Here’s 4hr Elliott wave Chart from the 12/19/2021 Weekend update. In which, the rally to $215.06 high ended 5 waves from 3/05/2021 low & made a pullback. The internals of that pullback unfolded as Elliott wave double three structure where wave (W) ended in 5 swings at $197.60 low. Then a bounce to $207.78 high ended wave (X) & started the next leg lower in wave (Y) towards $190.29- $179.47 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum. [HEADING=3]XLY 4 Hour Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/01/XLY-4H.jpg'][IMG alt="XLY Reacting Higher After Ending Double Correction"]https://elliottwave-forecast.com/wp-content/uploads/2022/01/XLY-4H-1024x525.jpg[/IMG][/URL] This is the 4hr Elliott wave Chart from the 12/28/2021 update. In which the ETF is showing a reaction higher taking place from the blue box area at $190.29- $179.47. Right after ending the double three correction within the blue box area. Allowed members to create a risk-free position with the minimum reaction higher towards 50%- 76.4% Fibonacci retracement from the peak. However, as far as pivot from $215.06 high stays intact a double correction lower cannot be ruled out at this stage. Source: [URL]https://elliottwave-forecast.com/stock-market/xly-reacting-higher-double-correction/[/URL] [automerge]1641312870[/automerge] The Fed has indicated that they plan to continue to taper and start raising interest rates from near zero to curb the strongest inflation in four decades. A hawkish Fed, if followed through in action, may support in USD at least in the short term. [HEADING=3]USDCAD Daily Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/01/USDCAD-Bullish-Sequence20220103085741.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2022/01/USDCAD-Bullish-Sequence20220103085741.jpg[/IMG][/URL] $USDCAD Daily Chart above shows an incomplete sequence from June 2, 2021 low favoring more upside. The rally from June 2 low can be counted as a double zig zag Elliott Wave structure. Up from June 2 low, wave ((W)) ended at 1.2949. Internal of wave ((W)) is unfolding as a zigzag where wave (A) ended at 1.2807, wave (B) ended at 1.2422, and wave (C) ended at 1.2949. Pullback in wave ((X)) ended at 1.2288 with internal unfolding as a zigzag. Down from wave ((W)), wave (A) ended at 1.249, wave (B) ended at 1.289, and wave (C) of ((X)) ended at 1.2288. Wave ((Y)) is in progress as a zigzag structure. Up from wave ((X)), wave (A) ended at 1.296. As far as wave (B) pullback holds above October 21, 2021 low (1.2288), expect the pair to continue higher. [HEADING=3]USDCAD 1 Hour Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/01/11USDCAD-6020220101235721.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2022/01/11USDCAD-6020220101235721.jpg[/IMG][/URL] 1 hour chart of USDCAD above shows that as far as it stays below 1.2847, the pair could see further downside before ending wave ((v)) of C. The pair has currently reached the 100% Fibonacci area from December 20, 2021 high which comes at 1.254 - 1.266. It can soon see support for more upside or a 3 waves rally at least. Source: [URL]https://elliottwave-forecast.com/news/elliott-wave-view-usdcad-shows-bullish-sequence/[/URL] [/QUOTE]
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