• 98 days Will The ECB Continue To Hike Rates?
  • 98 days Forbes: Aramco Remains Largest Company In The Middle East
  • 100 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 500 days Could Crypto Overtake Traditional Investment?
  • 505 days Americans Still Quitting Jobs At Record Pace
  • 507 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 510 days Is The Dollar Too Strong?
  • 510 days Big Tech Disappoints Investors on Earnings Calls
  • 511 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 513 days China Is Quietly Trying To Distance Itself From Russia
  • 513 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 517 days Crypto Investors Won Big In 2021
  • 517 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 518 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 520 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 521 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 524 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 525 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 525 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 527 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

EWW: Bullish Setup

I have no idea regarding the long-term Elliott Wave Patter, but it does not matter since this is a short-term bullish setup

Reason: Completed a Bullish Falling Wedge

EWW Chart
Larger Image

An Ending Diagonal occurs either in the final wave 5 of an impulsive sequence or in the wave (C) of a Zig Zag / Double Zig Zag

In this case in my opinion from the December high this Ending Diagonal has completed a Zig Zag.

What matters is that a falling wedge is usually followed by a sharp move in the opposite direction, which often retraces back to its origin which is located at 63.89

In addition to the" bullish" wedge we have a postive divergence of the MACD which is dispalying a bullish cross.

Yesterday´s Shooting Star is being neutralized by today´s likely Hammer hence probably from last Friday´s lod price should unfold at least a 3-wave up leg with a potential target in the range 62.67 (0.382 R) - 62.91 (Gap that can be filled). If this gap is filled the next target would be located at 63.89

I am long with a stop at 59.80


Back to homepage

Leave a comment

Leave a comment