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SP500 Stops For A Correction

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May 24 2021

Hello Traders and Investors,
Today we want to present you the chart of the SPX500, possibly the most known financial index in the world. Many believe that the only reason why such markets move is driven by the performance of the individual stock within the indices and their earning reports and dividends.
We, as Elliott Wave Analyst, like to stick to our technical analysis as we can identify patterns which repeat in time. In this particular scenario we were waiting for a wave 3 of Primary degree to be completed anytime soon, possibly not before a smaller pullback to complete minor 4 and 5 of higher degree wave 5(red 5 in the chart).

SPX chart from April 25 (twitter):


Back then we assumed that a larger correction was imminent and that as long as it would have been in three waves we were willing to turn bullish again. Eventually we obtained the completion of wave 5) and the higher degree Primary 3 and the sharp initial move down in wave 4 of Primary degree did not take long to manifest. We know that support is shown within the 3950-4000$ level so we cannot out rule the possibility of another move down(possibly a wave C) of higher degree wave 4) after the sharp recovery from Friday’s 14th session. It is also very common for wave fours to complete near the wave four of one lesser degree, in this case it would be Intermediate wave 4) (red 4) which is at around 3720$.

We would also like to remind you that in the event the SPX keeps on falling Elliott Wave invalidation level is at 3590$ which is where the wave 1 of the same degree is.

SPX Update from May 24th :


Of course not all of the patterns will unfold based on our expectations, but that's why it's very important to see the difference between good and bad patterns. Normally, the easiest patterns are the once that can be recognized immediately, the one that occurs within a higher degree trend. So on the chart above what we see is a pause on the way up, therefore we will expect trend to resume into wave five sometime in weeks or months ahead, which may last until Fed comes out with new policy actions.
 

Surfing the Waves May 18 2021 -Video Update

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May 18 2021

Hey traders!

Below is new video analysis for EURUSD, GBPUSD, AUDUSD, SPX, GOLD sponsored by Orbex.com

 
 

Gold Miners Breaking Out

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May 17 2021

As per Elliott Wave analysis, we were able to anticipate a swift reversal on GOLD miners once the support level had been reached. In fact, we shared this on twitter here.

GDX Chart from February 5th:

 

As the chart shows, we have had an initial move up in Gold Miners which started on March 16th 2020. Since the move up was in five waves, the Elliott Wave Principle tells us that after a five-wave rally there is always a three-wave pullback.

Assuming that the five-wave rally had ended with the top on August 5th, we then were able to identify the sub sequential move down as corrective, meaning that further upside should have been expected at some point in time.

The correction appears to be a complex one, under the lenses of the Elliott Wave Theory. Such correction can be also tracked down using the parallel channel which they form and once and if the channel is broken, the trader can assume that the correction is completed.

In addition to that, we also identified the area between 30.5-32$ as potential support from where the trend could have reversed from.

Nevertheless, Elliott Wave is well known to work alongside with Fibonacci, which is the reason why we used the Fibonacci retracement to give us additional confluence to where price could have turned from, and we know that the 50% is often times an area to watch.

With all of this being said, we can now look at how $GDX actually performed:


GDX Updated Chart:



 

Elon Sends Bitcoin Into A Deeper Correction; Watch Dogecoin

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May 13 2021

Elon Musk has announced that there are going to suspended Bitcoin purchases which of course is a main driver for a sell-off across the crypto market. Technically we been looking for some deeper prices due to recent extended gains since start of 2021, so stories like this one are important because they form pullbacks that will allow us to look for new investments at better prices. I see BTCUSD in higher degree wave four which may not be finished yet; there is room for 40k. DOGE is also reversing, possibly now in wave A of incomplete correction.


Elon Sends Bitcoin Into A Deeper Correction; Watch Dogecoin by ew-forecast on TradingView.com


 

Silver: Bulls Are Waiting (VIDEO)

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May 07 2021


US Jobs had a big miss today, with 266k vs 990k expectations which can be now a one step back from tapering. As such, inflation fears remain in play which is visible through the markets price action with stocks, metals and copper moving higher whiel dollar sold off.
In video below I covered silver copper and audusd.

GH
 

 

Surfing the Waves May 05 2021 -Video Update

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May 05 2021

Hey traders!

Below is new video analysis for EURUSD, GBPUSD, NZDUSD, SPX, AUDJPY sponsored by Orbex.com



 

Elliott Wave Analysis: DAX Is Trading In A Correction Within Uptrend

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May 04 2021

DAX is clearly bullish and in an impulsive fashion in the middle of a higher degree uptrend, which we currently see it's slowing down with slow and choppy price action, thus it looks like a nice corrective development for wave 4).

Well, wave 4) usually retrace for 38,2% Fibonacci retracement of wave 3) and if we consider that corrections are made by three-waves then we can assume that pullback is not done yet and that price may test 15k psychological level where wave 4) can be similar in distance compared to wave 2). All these comes in around important black trendline support also visible on a daily time frame chart so for now we should realize that bulls are still here, and ideally ready for more gains into wave 5) of 3, but after A-B-C correction in wave 4) fully unfolds.

Keep in mind that bullish trend would be invalidated only in case of bigger decline and sell-off below 14000 level!

Trade well and all the best!




 

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