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By tradinglounge · Posted
Natural Gas Technical Analysis Mode - Corrective for wave 4 Structure - Double Zigzag Position - Wave (2) Direction - Wave (3)) Details: Wave (2) is close to completion in the reversal zone. Wave (3) will have begun if the price leaves the zone. Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here https://tradinglounge.com/341 7 Analysts Over 170 Markets Covered Bitcoin Prediction Guess the Price? Test Your Analysis - Win 1 Million Satoshi https://tradinglounge.com/Bitcoin-Prediction Natural Gas has embarked on a robust rally, surging nearly 45% since April 25, 2024, perpetuating the overarching bullish correction that commenced in January of the same year. Despite this upward momentum, the prevailing trend maintains a downward trajectory, seemingly unbroken as of yet. Consequently, traders anticipate the eventual resumption of the bearish trend after the culmination of the ongoing bullish retracement. Analyzing the daily chart, a bearish impulse initiated in August 2022 around the $10 mark. From that point until February 2024, this downward cycle obliterated approximately 85% of the commodity's value, plummeting from $10 to a meager $1.52. However, the subsequent recovery from February exhibits characteristics indicative of a corrective pattern, potentially manifesting as either a zigzag or a double zigzag until a more formidable impetus materializes to warrant consideration of an impulse recovery. Notably, around October 2023, the completion of the 4th wave within the long-term impulse was observed at 3.66, precipitating the onset of the 5th wave's descent. However, the price only finalized a 3-swing movement to the low of February 2024. When the initiation of the 5th wave commences with a 3-swing, it suggests a higher probability of an ending diagonal structure. Delving into the daily chart analysis, we delineate the decline to the February low as wave (1) of the 5th wave, with the current upswing identified as wave (2). Presently, wave (2) has reached a reversal zone, signaling the potential commencement of wave (3). Alternatively, wave (2) might extend its upward trajectory in another three swings should the decline from the zone demonstrate corrective qualities. Monitoring the price action, it is imperative for wave (2) completion that the price conveniently remains below 3.39. Zooming in on the H4 chart, wave (2) manifests as an evolving double zigzag pattern. Confirmation of wave (3) initiation necessitates the observation of a bearish impulse from the zone below 2.185, followed by a breach beneath the major level of 2.00. This juncture is poised to attract a surge in selling activity, propelling the commodity into a new low not witnessed in the past four years. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
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By tradinglounge · Posted
BABA Elliott Wave Analysis Trading Lounge Daily Chart, Alibaba Group Holdings Ltd.,(BABA) Daily Chart BABA Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minute {i} or {a}. DIRECTION: Correction in {ii}. DETAILS: We had five waves up in either a wave C, or else as shown in the chart we could be in wave {i} of else 3. Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here https://tradinglounge.com/341 7 Analysts Over 170 Markets Covered Bitcoin Prediction Guess the Price? Test Your Analysis - Win 1 Million Satoshi https://tradinglounge.com/Bitcoin-Prediction BABA Elliott Wavse Analysis Trading Lounge 4Hr Chart, Alibaba Group Holdings Ltd.,(BABA) 4Hr Chart BABA Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minute {i} or {a}. DIRECTION: Correction in {ii}. DETAILS: Looking for a correction around TL8 at 80$, ideally looking for a ClassicTradingLevelsPattern(CTLP) around 80$ to then looking for longs. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! In the realm of Elliott Wave analysis, Alibaba Group Holdings Ltd. (BABA) presents an intriguing setup, with both the daily and 4-hour charts indicating potential corrections amidst an overall impulsive trend. * BABA Elliott Wave Technical Analysis – Daily Chart* On the daily chart, BABA's trend is identified as impulsive, with a motive structure, likely positioned in either Minute {i} or {a}. However, the analysis suggests a corrective phase in Minute {ii}, following a five-wave uptrend, possibly representing Wave C or {i} of Wave 3. This interpretation indicates a temporary pullback before potential continuation to the upside. * BABA Elliott Wave Technical Analysis – 4Hr Chart* Similarly, the 4-hour chart echoes the impulsive trend structure, with BABA positioned in either Minute {i} or {a}. The analysis anticipates a correction in Minute {ii}, providing an opportunity for traders to capitalize on potential long positions. The correction is projected to occur around the Classic Trading Levels Pattern (CTLP) at $80, which could act as a significant support level.
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