I think bulls should be a little concerned about yesterday's price action. A complete impulse from high of 3974.38 down to 3427.51 would have made for a nice expanded flat. However, price broke the low of 3427.51 down to 3362.91 before forming an impulse up to today's high. It's certainly possible that yesterday's low at 3362.91 was the completion of the expanded...
I've been playing around with different bearish counts, assuming the top is near. This one has the COVID-low completing an expanded flat of subwave (2), rather than it being a wave (4). This would explain why October 2022 low did not extend further to approach the wave four of a lesser degree; it stopped short so as to not overlap wave (1). Wave (5) ends up being...
My bullish count is looking for an extended ((5)) of iii (in blue), with an ideal target of 8755.92 to complete the iii. For this count to fly, price would need to get above 6000 at a minimum to complete the iii, so that there is room for a proper iv (in green) to stay above 4867.81.
My bullish case for ETHUSD would have a completed impulse off low of 2814.12 for a wave (1), completed zigzag (with leading diagonal A) for a wave (2) with support off of pitchfork and .5 Fibonacci retracement.
XAUUSD does not look very bullish at the moment. Key resistance at the moment is 2387.71; any move above that price would confirm the zigzag and give the bulls a sigh of relief. Most bullish scenario is in green, with zigzag already completed. Count in yellow has a larger C wave down below 2200. Most bearish scenario in red, where XAUUSD completes a full 5-wave...
BTCUSD's bullish price action is not very encouraging. It has fallen outside both pitchforks without tagging either median line. I suspect that price will continue to fall, and supports at 60182.55 and 56547.64 are likely to be challenged. If 56547.64 support breaks, 46000-52000 might be a nice dip to buy. I do expect at least one more push up to ATHs to...
Chart comparing ES1! and YM1!. YM1!'s move down from 40213 to 38111 looks impulsive, bounce off 38111 looks corrective. I'm looking for YM1!'s resistance to hold at 40213, and I expect ES1! and YM1! to both have two impulse waves down to complete their respective (B) corrective waves.
I have been keeping this count alive, with the idea that the price action from the October 2022 low is completing the B wave of an expanded flat. I am looking for the (A) wave to complete its impulse before 5532, after which I'm looking for a correction (B) towards the 4800 level, likely a zigzag. I expect it to be rather volatile.
My most bearish count for ETHUSD. It has price action after March 2024 high as a regular flat (zigzag A, regular flat B, impulse C predicted). I think this case has merit, with equities looking like a temporary top is incoming. If correct, I'm looking for price to break 3000 to be a buyer.
BTCUSD and ETHUSD are in similar places in terms of wave structure from their 1 May 2024 lows. Each have two impulse waves up and consolidation-like price action after their late May highs. It is possible that price goes up from here, but I think it more likely that each completes an impulse C wave down to complete flat structures. If confirmed, bulls should be...
Three examples of the .618 fib holding support since the low of 4963.50. Bulls certainly seem intent on getting SPX to 6000. I think that as long as buyers are entering at and holding support at technical levels, no reason to doubt we see 6000 by the end of the year.
My bullish count for ES1!. I have us in wave 3 of (5) of ((3)) of V. It looks like wave 2 has completed. I expect ES1! to grind up the rest of the spring and summer, with target of ~6000 and the median line of the pitchfork drawn from COVID-19 low, January 2022 high and October 2022 low.
I has a regular flat correction from ATH of 73757.39 to low of 56547.64. After the low, I have two impulse waves up (green ellipses) with what looks like corrective price action in the red ellipse. The key level of support to stay above now is 60182.55; only when this support breaks do the two impulse waves become a zigzag corrective structure. As long as price...
Looking at a possible Elliott Triangle Wave 4, with key supports at 67125.40 and 66317.75. Price needs to stay above 65541.11 for impulse wave off 56547.64 to remain intact. Key resistance at 70623.35, 71939.10, 72756.63, and ATH 73757.39.
I'm looking for key support of 65541.11 to hold, and for a daily higher high to complete an impulse wave off 56547.64 low. The regular flat that ended at 56547.64 seems too shallow for a wave 4 or a wave 2 of higher degree. If we continue to impulse higher, my primary bullish count will have this be a 5th wave extension, to complete a primary wave 3 around...
With NQ1! reaching higher highs on the monthly, it adds to the wave ((5)) impulse off the October 2022 low. It suggests we need to finish a smaller impulse, have a correction, and then one final impulse to reach a top for the market. Price target is the median line of the pitchfork, and bulls are very likely to get it at some point. In summary, I have NQ1! in...
My count has MSFT in wave 5 of (3) of ((5)). I'm looking for price to move towards, but not go above, 510.47. Once wave 5 is complete (which could be at any point now that MSFT has higher high on the monthly), I expect price to pull back towards 380 region for wave (4) of ((5)).
Very intriguing bullish setup for ETHUSD and ETHBTC. ETHUSD holding support at .618 Fibonacci drawn from pivots at 4093.88 and 2100. There are different bullish counts that can be drawn from 879.80 low, will know more if price gets above 4093.88 and how price moves above that resistance. ETHUSD move may be magnified by bullish ETHBTC setup, if low of 0.04474 can...