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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:

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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

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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
 

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Hey traders!

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

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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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April 28 2021

Hey traders!

I just came out again with two wave counts on bitcoin and non-biased approach, and it looks like there can be some room left to the upside close to 60k.

ELLIOTT WAVE OPEN DOOR Event is here. See all of our charts FREE for 10 days. No obligations
APPLY HERE
 

Bitcoin: Short-tem Bulls Can Extend Close To 60k by ew-forecast on TradingView.com

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April 27 2021

Hey traders!

Below is new video analysis for EURUSD, NZDUSD, OIL, DAX, GOLD sponsored by Orbex.com

ELLIOTT WAVE OPEN DOOR Event is here. See all of our charts FREE for 10 days. No obligations
APPLY HERE


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