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Crude Oil Is Ready To Jump After A Correction

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Oct 05 2020

Hello traders,

Crude oil moved sharply down during the coronavirus lockdown back in March, but energy quickly turned bullish again after economic stimulus packages across the globe. Energy rallied in five waves and completed a five-wave recovery from April lows, so current reversal in three waves is part of a corrective move in wave 2)/B).

Currently we are tracking sub-wave C lower, which can reach 34.6/30.7 area, where former swing lows, and Fib. Ratio of 38.2 can react as support. If we get a much deeper correction, then next support can be at 26.5/23.6 zone, where Fib. Ratio of 50.0 and 61.8 sit.
This deep retracement would be possible if second global coronavirus lockdown would repeat, but even then we think that sooner or later energy will find support as oil companies are now prepared much better than before, and doubt they would pump as much as they did back in March.

For more info check the video below:

 
     
 
  

Silver Making A corrective Retracement – Elliott Wave Analysis

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Oct 05 2020

Hello traders,

Silver is turning bullish after unlimited QE and inflation fears. The USD is down heavily, interest rates are low so investors have hard time to find real investment, so they are looking at precious metals; demand increased which makes price higher.
Technically speaking, we see a turn up from March. It looks like an impulse, so more upside is expected within a new bullish cycle. As such, current price activity from the 29.81 high can be part of a correction within an uptrend. We are tracking two counts: count #1 indicates price to be at the end of a corrective wave 4 of a bigger uptrend, which can look for support at the Fib. Ratio of 50.0 (around 22.0 level) and turn higher. Count #2 is also bullish, however here we see already a bigger correction underway labelled as wave B)/2), which can face same support around the 22.0 level. That said, a bullish impulsive move, and above the 27.57 level will be a sign for further upside.

Silver, daily (count #1)


Silver, daily (count #2)


 

Monero XMRUSD Is Approaching 2019 Highs-Resistance?

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Oct 01 2020

Traders, monero is making a very strong bounce for the last few days, but keep in mind that we can be in a fifth wave here, so do just be careful and be aware of a potential slow down once wave five makes five subwaves up from Sep low.

Also to check our previous article on Monero click HERE

Monero XMRUSD Is Approaching 2019 Highs-Resistance? by ew-forecast on TradingView.com


If you want to learn more about technical patterns and the Elliott Wave Theory, then check our EW school or our services.


Is Risk-on Back? AUDJPY vs Stocks

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Sep 30 2020

Stocks are turning up with five waves, and AUDJPY follows it very nicely as USDJPY also still looking strong. Is Risk-on back?

Check video below for my recent view.

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Elliott Wave VIDEO: AUDUSD Flashback

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Sep 29 2020

Hello traders!

Aussie came lower in the last few weeks in risk-off sentiment. If you are our member then you know we have been looking for this move based on a lot of different factors; intermarket analysis, basic technical analysis and the Elliott Wave theory. In the video below I will walk you through the process of approach to this AUDUSD analysis.



If you want to learn more about technical patterns and the Elliott Wave Theory, then check our EW school, or our services.


USDCNH : Combination Of Different Methods For A Top Formation

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Sep 28 2020

Hello traders!

In this article we will talk about how to identify a potential top formation based on the Elliott Wave principle, and in combination with different methods.

As you can see on a weekly chart below of USDCNH, the trend was up for the last 3 years, especially at the beginning of 2018, but later in 2019 we have seen a slow down within a bigger wedge shape, known as an Elliott wave ending diagonal in wave C). Ending diagonals usually indicate a reversal, which has actually happened this year, about what Grega also talked in his 2020 Elliott Wave Video Analysis here. But the Ending diagonal was not the only sign, which suggested a reversal; in fact, this turn was later also considered and even more powerful, after a double top formation, plus a weekly bearish candlestick reversal at the highs. So back then we had three evidences that were pointing to lower prices on the USDCNH. Of course, sometimes this will be only a temporary pullback, but sometimes very big moves, which was expected on this pair because of an Elliott Wave pattern, which was later confirmed after an impulse below the lower trendline support.
Looking at this market now, we believe that USDCNH can face more weakness in the upcoming weeks, maybe even years, as drop looks like an impulse, but like always, be aware of a potential short-term/mid-term corrective recoveries on the way down.


USDCNH, Weekly



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DigiByte In A Correction

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Sep 28 2020

Hello traders!
Today we will talk about cryptocurrencies, specifically DigiByte (DGBUSD) and its price action from the Elliott Wave perspective.

Cryptocurrencies are turning to the downside together with stocks after that strong and impulsive rally from March lows. Why cryptocurrecies follow the stock market is because they are not generally in use yet and they are just speculative asset based on investors mood at the moment. So, if investors do not trust the stock market, then they will not trust the Crypto market neither.

Anyway, let us take a look on an interesting pattern that can be seen on the DigiByte. As you can see, DGBUSD has a completed five-wave cycle from March lows, mainly because we can see a clear triangle formation in wave "iv" with price perfectly reaching the target into wave "v". And we know that in Elliott Wave theory, after every five waves, a three-wave a-b-c pullback follows, so watch out for a deeper decline, because wave "c" is still missing, which can push the price down to golden 61,8% Fibonacci retracement and 0.019 - 0.013 support zone before we may see a bullish continuation. If we consider that the correction may last for about 71 days like it lasted in the previous triangle correction in wave "iv", then we can expect support to be reached at the end of October.

Be humble and trade smart.

DGBUSD, daily



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