Silver long term wave analysis and forecast

Price of Silver, one of the most heavily traded precious metals, is at an interesting point. Because of the B wave of the weekly correction is potentially over. Long-term forecasting of the silver chart is no easy task because: the market is currently in years-long B wave correction, there are many possible wave combinations, structures, and patterns within … Read more

Should you trade Cryptocurrencies?

Cryptocurrency markets are no doubt the most volatile of all. Partly because Bitcoin and other cryptocurrencies, as well as tokens based on “smart-contracts”, have amassed a flood of amateur wealth-seekers into the financial markets. Overnight millionaire stories have become more common. But within this fledgling niche, it is not so unusual to hear about epic failures too. The potential … Read more

EURGBP should tumble, but not yet…

EURGBP daily chart

As they say, a picture is worth a thousand words. Perhaps a picture is worth thousands of dollars too, if you know what I mean. Although there are several ways you can label this EURGBP weekly chart, the most viable (I presume) interpretation is given in the above image. I have to say, this is … Read more

Silver could go through the floor

silver bearish momentum

silver bearish momentum

Silver weekly correction continues with the ZigZag in progress as the Y wave. Although multiple alternate counts are possible at this moment of time, it seems of high probability that the current bearish wave is a  wave C.

Whether Y wave should complete with the ABC or the ABC is part of a larger triangle is too early to tell. However, considering the time it has taken for this colossal B wave correction,  we could soon find ourselves counting impulsive 12345 waves to the upside.

Current bearish wave could last for few more weeks. Current target zone for shorts and possible entry zone for long term longs, is between 15.400 –  15.100.

For now, I will look for only short trades in Silver. But this could change anytime if the count or the structure changes.

Clue: Look for wave counts and structures in lower time frames confirming to the larger structure.

Happy trading!

 

GBPUSD H1 correction to complete before the collapse

C wave impulse is due and should break above the upper boundary. The major bearish trend continuation is expected to commence with the C wave completion. However, there is also the possibility for the correction to continue longer, even after the completion of the ABC structure. But the important takeaway from this Elliott wave count is that any long trades should have very small targets and the bearish side is not yet ready for short trades.

GBPUSD at a crucial point

3 or C

Election or not the sharp drop of Thursday was doomed to happen. Because there had been a 5 wave impulse after the triangle, completing the overall ABC. The completed ABC structure comprises of the A wave as a leading diagonal and the 5th of the C as an ending diagonal.

Now the question is that if the overall higher degree correction complete, or there is more to come? Clearly there are countable 3 waves in the lower degree marked in blue. Obviously this constitutes for both ABC or up to 123 of an impulse. Which is it going to be? Only the price action next week could tell if the cable has turned bearish for the higher-degree 5th wave or not.

EURUSD has topped for now

Blue or green? Only time will tell

It is apparent that the wave 4 correction is still incomplete. If it is the blue “Flat” correction in play, then the forthcoming few weeks will most probably go into a sideways correction. On the other hand if this whole pattern is a part of the monstrous green triangle structure, we will see a very deep pull back to the downside.

Either way, EURUSD has topped and looking bearish for now.

Improve your P&L with pending orders

Why pending orders are such a useful method? There are numerous benefits of using pending orders instead of market orders. If you are not using pending orders, perhaps this post could help you to reconsider your methods of order-placement. Makes trading a boring game (which it should be) Pending orders will take the excitement out of the … Read more

AUDUSD is in the C wave of ABC weekly correction

AUDUSD Weekly analysis AUDUSD has ccompleted a very pretty A and a B wave, and the C wave is currently in progress. What’s more interesting is that all this is happening in the weekly chart. Which means we will be in the bull market for the foreseeable future. Having said that, this is actually the … Read more

A play in the GBPUSD with TradePips custom indicator

GBPUSD with a different vantage point Reading a chart is not so easy. And even so difficult when higher timeframes show a completely different story.  That is why top-down analysis has considerable preference among traders. Monthly view with the TradePips custom indi It is obvious that the trend has been (and still is) bearish for few years … Read more