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By XTRAVAGANZA · Posted
Sounds intense! 20,000 BGB prize pool? Now that's some serious motivation to dust off my trading skills. Interestingly, for newbies, this could be a good chance to learn from the pros and maybe even snag a prize. -
By tradinglounge · Posted
Silver XAGUSD Elliott Wave Technical Analysis Function -Counter-Trend Mode - Corrective Structure -Double Zigzag for wave B (circled) Position - Wave (Y) of B Direction - Wave 1 of (1) of C (circled) Details - It appears wave B (circled) has been completed and wave C (circled) is now emerging upside. We are now counting wave 1 of (1) or wave (1). Silver continues to recover from the pullback that began in late May 2024. This recovery is expected to lead to another series of rallies, continuing the year-long bullish impulse cycle. Both long-term and medium-term Elliott Wave forecasts support further rallies for this precious metal. Daily Chart Analysis On the daily chart, we identified that the impulse wave sequence starting in January 2024 completed in May 2024, followed by a corrective pullback. This bearish corrective structure, which lasted for five weeks, appears to have concluded with a double zigzag pattern. However, the correction is relatively shallow, suggesting the possibility of another leg lower. Yet, if the impulse reaction from late June continues to rise and does not turn corrective, it would indicate that the market has accepted the shallow nature of the pullback. Overall, it is likely that Silver will continue to climb, potentially reaching new highs in 2024. H4 Chart Analysis On the H4 chart, the impulse response is in the process of completing the first sub-wave, or wave 1. Currently, wave iv (circled) might experience one more leg lower before reversing upwards to complete wave v (circled), thereby finishing wave 1. Following this, a larger pullback for wave 2 is expected. Conversely, if the current dip extends below $30, we may consider the high on July 5, 2024, as the end of wave 1 and the current dip as wave 2. In either scenario, provided that Silver's price does not approach $28.5, the price action supports further rallies from the dip, continuing the year-long bullish sequence. Conclusion Both the daily and H4 charts indicate a continued bullish trend for Silver, with several opportunities for traders to position themselves for further gains. By closely monitoring the development of wave 1 on the H4 chart and the overall impulse sequence on the daily chart, traders can identify strategic entry points to maximize their returns amidst this upward movement. The shallow nature of the recent correction suggests that Silver's bullish momentum remains intact, and further rallies are likely as the metal continues its long-term ascent. Technical Analyst : Sanmi Adeagbo Source : TradingLounge.com get trial here! -
By tradinglounge · Posted
KOSPI Composite Elliott Wave Analysis - Day Chart Overview Function: Trend Mode: Impulsive Current Wave Structure: Gray wave 3 Position: Orange wave 3 Next Lower Degree Direction: Gray wave 4 Wave Cancel Invalid Level: 2636.93 Detailed Analysis The KOSPI Composite Elliott Wave Analysis on the day chart provides a comprehensive view of the current trend and wave structure of the KOSPI index. The analysis identifies the market as being in a clear, directional trend, with the mode being impulsive, indicating a strong market movement. Current Wave Structure: The market is currently in gray wave 3, which suggests a significant and forceful move. Within this structure, the position is orange wave 3, part of the larger gray wave 3, indicating a robust and pronounced wave within the broader impulsive wave. Next Lower Degree Direction: After the completion of the current wave, the market is expected to transition into gray wave 4, a corrective phase. This phase will likely follow the completion of the ongoing impulsive wave. Details: Gray wave 2 has completed, marking the end of the previous corrective phase. Now, gray wave 3 of 3 is active, indicating a strong upward movement. The wave cancel invalid level is set at 2636.93, meaning if the index falls below this level, the current wave analysis becomes invalid. Summary The KOSPI Composite index is in an impulsive trend on the day chart, with gray wave 3 currently active. Following the completion of gray wave 2, the index has entered gray wave 3 of 3, indicating a significant upward movement. Traders and analysts use this information to predict market behavior and make informed trading decisions. They anticipate the transition to gray wave 4 after the current wave completes. The critical point for validating the current wave analysis is the wave cancel invalid level at 2636.93. KOSPI Composite Elliott Wave Analysis - Weekly Chart Overview Function: Trend Mode: Impulsive Current Wave Structure: Orange wave 3 Position: Navy blue wave 3 Next Lower Degree Direction: Orange wave 4 Wave Cancel Invalid Level: 2636.93 Detailed Analysis The KOSPI Composite Elliott Wave Analysis on the weekly chart provides a comprehensive view of the current trend and wave structure of the KOSPI index. The analysis identifies the market as being in a clear, directional trend, with the mode being impulsive, indicating a strong market movement. Current Wave Structure: The market is currently in orange wave 3, signifying a dynamic and forceful phase. Within this structure, the position is navy blue wave 3, part of the larger orange wave 3, indicating a vigorous and pronounced upward movement within the broader impulsive wave. Next Lower Degree Direction: After the completion of the current wave, the market is expected to transition into orange wave 4, a corrective phase. This phase will likely follow the completion of the ongoing impulsive wave. Details: Orange wave 2 has completed, marking the end of the previous corrective phase. Now, orange wave 3 of 3 is active, indicating a strong upward movement. The wave cancel invalid level is set at 2636.93, meaning if the index falls below this level, the current wave analysis becomes invalid. Summary The KOSPI Composite index is in an impulsive trend on the weekly chart, with orange wave 3 currently active. Following the completion of orange wave 2, the index has entered orange wave 3 of 3, indicating significant upward momentum. Traders and analysts use this information to predict market behavior and make informed trading decisions. They anticipate the transition to orange wave 4 after the current wave completes. The critical point for validating the current wave analysis is the wave cancel invalid level at 2636.93. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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