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By tradinglounge · Posted
Gold Elliott Wave Analysis Gold Elliott Wave Analysis: Strong Rally with More Upside Expected Gold has broken out of its 3-week range and surged to a new record high, continuing its highly profitable run for investors in 2024. Since ending a prolonged 51-month bearish phase from the September 2011 peak in September 2022, the yellow metal has appreciated nearly 60%. This impressive rally shows no signs of stopping in the short term, but traders should be cautious about entering new positions at elevated levels. Here's a detailed analysis from an Elliott Wave perspective. Long-Term Chart Analysis On the daily chart, Gold has been in a steady bullish trend since December 2015. According to Elliott Wave theory, the market completed the supercycle degree wave (IV) in September 2022. This marked the end of the 51-month bearish phase that started in September 2011. The completion of wave (IV) set the stage for a new impulsive wave (V), which is currently unfolding. Within this wave (V), waves I and II were completed in May and October 2023, respectively. Gold is now progressing in wave (3) of 3 (circled) of wave III. Wave (3) is a powerful impulse wave that is driving prices higher, and it is currently in its final stage, labeled as wave 5 of (3). This final leg of wave (3) is also forming an impulsive structure, indicating that the bullish momentum remains strong. The strength of the current uptrend suggests that traders should consider buying pullbacks, as these dips could offer attractive entry points for long positions. Long-term investors can also continue to hold, as the broader trend remains firmly bullish, and there is potential for more upside. Daily Chart Analysis From a closer look at the daily chart, the ongoing advance in wave (3) is part of a larger impulsive structure. Wave (3) of 3 (circled) has been particularly strong, and within this wave, the final phase (wave 5 of (3)) is approaching completion. This suggests that while the uptrend is intact, the market may soon face a period of consolidation or a minor corrective pullback before resuming its upward trajectory. For now, Gold is likely to continue its advance toward new highs. Traders should focus on timing their entries during pullbacks to maximize profit potential, while long-term buyers are advised to stay the course and hold their positions as wave (V) continues to unfold. H4 Chart Analysis On the H4 chart, the structure of wave 5 of (3) is more clearly visible. The sub-waves that comprise this final phase started forming in late June 2024. At this point, waves i and ii (circled) within wave 5 of (3) have already completed, and Gold is currently advancing in wave iii (circled). Zooming further into wave iii (circled), we can see that the price is in wave iii of (iii), which is often the most powerful part of an impulse wave. This sub-wave is expected to drive Gold toward the 2750 level in the coming weeks. However, traders should avoid buying from current highs, as entering at the top of a strong rally could expose positions to near-term pullbacks. Instead, waiting for decent corrections will offer better entry opportunities for long positions. Conclusion Gold remains in a strong bullish trend, with the Elliott Wave structure suggesting further upside potential. The market is advancing in wave (3) of 3 (circled) of wave III, with the next major target being around the 2750 level. While the trend remains robust, traders are advised to wait for pullbacks to enter new long positions rather than chasing the current highs. Long-term investors can maintain their positions, as the broader outlook continues to favor further gains. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
MCD Elliott Wave Analysis Trading Lounge Daily Chart, McDonald’s Corp., (MCD) Daily Chart MCD Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave {iii} of 1. DIRECTION: Upside into wave 1. DETAILS: Looking for a five wave move completion within wave 1 as we are now approaching TradingLevel3 at 300$. MCD Elliott Wave Analysis Trading Lounge 1H Chart, McDonald’s Corp., (MCD) 1H Chart MCD Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave i of (v). DIRECTION: Looking for upside into wave (v). DETAILS: Looking for upside into wave (v) as we seem to have a flat in wave (iv) and we found support on top of the end of Minor Group 2 at 280$. In this Elliott Wave analysis of McDonald’s Corp. (MCD), we assess its current price action and wave structure using Elliott Wave Theory to help identify trading opportunities. Both the daily and 1-hour charts are examined to provide a comprehensive outlook for traders. * MCD Elliott Wave Technical Analysis – Daily Chart* In the daily chart, McDonald's is showing a clear impulsive trend, currently progressing within Wave {iii} of 1. This suggests the stock is in the midst of a strong upside move. As the price approaches the critical level at $300, known as TradingLevel3 (TL3), we are looking for the completion of a five-wave move within this initial wave 1. * MCD Elliott Wave Technical Analysis – 1H Chart* On the 1-hour chart, MCD appears to be progressing within Wave i of (v), signaling that we are likely entering the final leg of the current impulsive sequence. The recent Wave (iv) formed a flat corrective structure, and the stock found key support around $280, which corresponds to the end of MinorGroup2. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
By Cryptowarrior · Posted
Bitcoin (BTC), the oldest and most valuable cryptocurrency, dropped below $58,000 early Friday. This decline mirrored broader market trends, with other popular altcoins like Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) also falling. The global crypto market cap was $2.04 trillion, reflecting a 24-hour dip of 0.21%. The Market Fear & Greed Index showed a reading of 33, signaling "Fear" in the market. Despite the market's overall decline, Thorchain RUNE token stands out as a potential candidate for a significant price surge. Priced at $3.84 as per coinpedia markets data, RUNE might reach $18.47 by the end of 2024, with some analysts predicting it could soar to $129.22 by 2030. Historically, halving years have been linked to market bull runs, and with several altcoins showing positive dynamics, RUNE could see substantial gains in the coming months. Thorchain's Major Milestone: A Successful Hard Fork Thorchain (RUNE), known for its decentralized liquidity protocol enabling cross-chain exchanges, recently completed a significant hard fork. This upgrade marks a major milestone, enhancing performance and security. It improves cross-chain transaction speed and efficiency and adds support for Bitcoin Taproot addresses, providing more secure and private transactions. This successful upgrade reinforces Thorchain's position as a leader in decentralized finance (DeFi), underscoring its commitment to innovation and seamless interoperability between different blockchain ecosystems. A Market in Flux with Opportunities Ahead While the crypto market is volatile, opportunities like Thorchain's RUNE token offer a silver lining. With recent upgrades and potential for significant gains, RUNE stands out in a turbulent market. Staying informed and understanding market dynamics are crucial in navigating these times.
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Guest wonga2001
While dummy trading in the spreadbetting account, it is impossible to put up a trade and see the margin allowance, as there is a notice covering the margin box, please fix this.
I Turner
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