Ethereum: third-wave rally to begin soon
January 23, 2019 11:23 amVideo
Latest News
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
As you can see on the two-day chart, there’s a huge bearish double zigzag pattern, which could be wave (2). Previously, we had a massive bullish rally in impulsive wave (1). Also, we’ve got a finished zigzag in wave Y of (2), as shown on the 480-minute chart on the right. In this case, we’re at the early stages of another bullish trend.
The last upward price movement is likely the first wave of wave ((i)). Considering a possible ending of the second wave, we should keep an eye on the 1.618 multiple of wave (i) at 241.04 as the nearest target for wave (iii) of ((i)). Meanwhile, it’s worth to mention that if the price goes through this level little later on, there’ll be a green light for a longer extension in wave (iii).
Wave ((c)) of Y has finished as an impulse with an extension in the third wave, resulting in a developing of a five-wave advance in wave (i). As we can see on the chart above, this price movement subdivides into five waves, which labelled as i-ii-iii-iv-v. Then, a bearish correction took place.
It’s likely that wave (ii) has ended as a flat pattern. There’re a zigzag in wave a and a double zigzag in wave b. Finally, a bearish impulse in wave c with an ending diagonal pattern in wave ((5)) finished this structure. Also, the 0.618 retracement of wave (i) at 110.50 has acted as support, so there’s a pullback from this level, which provides strong evidence of the ending of wave (ii). Under these circumstances, we’re going to have the first wave (labelled as i) of wave (iii) in the coming hours.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: