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IXIC Testing Resistance/Weekly IdeasIt looks like the IXIC might be making itself a new downward trend. Possible bearish flag after the initial selloff over the last few weeks. This week I will be looking for the IXIC to break up through the downward trend line and then the 13610 resistance line. If it fails the trend line, I think we will have more of a gradual downward trend, but if it fails 13610 and double tops, that could mean a large fast movement downward. This time it may drag the SPX/DIA down with it. On the downside we have some protection at 12610. Whether we do or don't test either resistance level, if it finds support here, this could indicate a strong bullish reversal. However I think that to be unlikely given the valuation of the market today and the necessity of a correction to maintain reasonable valuations in the tech sector. Unfortunately, the rest of the market will probably get caught in the crossfire. I am also watching the SPX for a probable normal dip along its trading trendline. Looking for some possible short plays there. Looking for a possible bear PCS on INTC this week as it tests previous resistance line for support in rising wedge pattern... Another possible bear PCS on AGI this week or early next as it shows a bearish flag in an overall downward trend while showing overbought on the Stoch. Will probably look for a MACD crossover before entering into the position. This will be especially effective if it tests and fails the downward trendline this or next week. Also looking for entry on a PCS for BK after failing $47 and a bearish crossover in the Stoch and one possibly forming on the MACD. Looking for a similar play on ED after possibly failing resistance for 3rd time while showing overbought in Stoch with a bearish crossover. Everything of course seems to be dependent on the TNX so keep an eye out for more panic selling with rising rates.
TVC:IXICShort
by hobo4000
4
TRADE: EURUSD: [email protected] Too Much Confluence To List....I'm now SHORTING this pair on the completion of the bat pattern , the crab pattern and the butterfly patterns as well as the ED pattern and my overall wave count expectancy. Prices have now also reached a MAJOR SR Structure that appears to be resisting price advances. There is bearish price action around this area as well as per my previous post (see Related Ideas: "UPDATE #1:EURUSD: Bat FINALLY complete! But Should you sell now?"). . If my count is correct, then the next move down will be a wave C to complete the larger wave (B) of the overall ABC correction this pair is in. You can see more of my overall view on this pair in my previous posts: MY TRADE PLAN I am now SHORT on this pair and will expect a rather large move down from here. Prices are now testing and probing that MAJOR SR Structure that I have on my chart.. My stops will go above the X point of the bat pattern allowing for some room for "stop hunting" in case that occurs which would be i the form a spike up past the MAJOR SR Structure and back down again. *DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading! If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Short
by EverythingForex
17
UPDATE #1:FULL ANALYSIS: EURUSD: Looking Wave (c) & Wave (B) EndIn my previous FULL ANALYSIS post (see Related Ideas: "FULL ANALYSIS: EURUSD: Looking For Wave (c) & Wave (B) End"), I mentioned that prices are headed towards an ED (ending diagonal) in the wave Y of a complex WXY correction. Here is a DAILY chart overview of what is happening just in case you're too lazy to go check out my FULL ANALYSIS (and why wouldn't you if you haven't?): Now, I have tweaked that ED a little to better reflect the current price action so make note of that but overall, it hasn't changed my prediction. WAVE COUNT None of the current PA has changed my wave count. Go check out that previous post for a full explanation on my wave count. As for now, this complex WXY corrective pattern is all within the wave (b) of the (a)(b)(c) wave c of the larger wave (B). PATTERNS That POTENTIAL crab has now been COMPLETED and I'm still waiting on that POTENTIAL bat to do the same as I do expect that prices will "bump" up just a little more in order to complete that ED as well. Prices are still obviously within the PRZ of that completed butterfly. MY TRADE PLAN Still patiently waiting for prices to complete both the ED and the bat. Once that is done....LOOK OUT BELOW! I'll be looking for PA to tell me when to get SHORT! *DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading! If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Short
by EverythingForex
34
Dilemma......This could be what's in store!An Elliott Wave Ending Diagonal with the 5th wave coming in at 2138.04 2138.04 is the 1.618 extension of the subprime top and devils low. 2138 is also a confluence area where the 1.618 extension comes in from the major wave 3 swing high and major wave 4 low at 1821.61 Will it all end in an huge SHS? ...the form is a guess but we will at the beginning of a downtrend see a lower high. So a SHS is def. possible. It's the game plan so far. We will see confirmation or invalidation when wave 3 (green) is a the 1.50 fib. A huge blow off from here and it's not an ending diagonal but a normal 3rd wave up . But do we see a Gartley 5.0 pattern (the tilted w in green)...the top is possibly in. Safe trading ladies and gents! @BLawrenceM Music at work: www.youtube.com open.spotify.com
SP:SPX
by CoinedByCrypto
2