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Elliott wave analysis of SPX (S&P 500): 4hr tf

My previous post for the SPX (S&P 500) can be found here:

https://coinanalyst.investments/2018/04/29/sp-500s-spx-elliott-wave-analysis-4-hr-tf-analysis/

A possible Elliott wave contracting triangle was discussed in the post to capture price action from January 29, 2018 to April 25 when the analysis was initially provided.

SPX (S&P 500) currently is sitting just above B-D trendline for the contracting triangle. The relative strength index (RSI) is also shown here and does have a rising, positive slope, which argues for more upside movement in SPX (S&P 500).

Elliott wave analysis of SPX (S&P50)

The projection of price action using this Elliott wave structure still stands as provided in the previous post. The ideal point of entry (POE) is placed at ~$2718.73 (dotted horizontal line) when price action attempts a break out above the termination point of wave D of the contracting triangle.

The point of invalidation (POI) of this analysis still stands as provided in the previous post.

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Elliott Wave analysis of LTCUSD (Litecoin): 4hr tf

My previous post on Litecoin (LTCUSD) to track its progression can be found here:

Litecoin (LTCUSD) Elliott wave analysis: 4 hr tf

Litecoin (LTCUSD) in the analysis was expected to produce one more sell off before resumption in the uptrend. Instead it produced a bullish trend upwards which is been determined in this analysis as a 5 wave progression. The price of Litecoin (LTCUSD) at ~$179.89 on May 5, 2018 is believed to have terminated an impulse trend.

Elliott wave analysis of Litecoin 4 hour timeframe
The favored region of target for support is the 4th wave of the previous degree which is ~ $143.05. This also coincides with a support region for Litecoin (LTCUSD) as indicated by the horizontal blue lines between $143.05 and $139.16.

Support 1 and Support 2 from the previous post are also outlined here which is where Litecoin (LTCUSD) would be expected to find support should a further break down in price occur below $139.16.

The point of invalidation of this analysis is a price close above ~$181.00.

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Cardano (ADABTC) testing the bottom of its bullish channel

Cardano’s  (ADABTC) price action was capture in a bullish channel in my previous post which can be found here:

https://coinanalyst.investments/2018/05/02/adabtc-cardano-price-channel-4hr-tf-analysis/

Cardano (ADABTC) at the time of this post is testing the upper region of Support 1 at ~0.00003547, which also coincides with the bottom of the price channel. A break below the bottom of Support 1 could likely trigger a sell off to Support 2.

Technical analysis of Cardano

Cardano (ADABTC) successfully holding the bottom of the channel could see price reach the new target area between ~0.00004782 and 0.00004639

The relative strength index (RSI) is also shown here for the 4hr tf has a negative slope which implies that it is better to be patient to see how price action transpires before initiating a long (buy) position. A possible point of entry (POE) as indicated on the chart is on a breakout above ~0.00003769. This ensures helps to avoid trying to pick the bottom in case of further downside momentum for Cardano (ADABTC).

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Ethereum bullish price channel update: 4hr tf

My previous post on Ethereum can be found here:

https://coinanalyst.investments/2018/05/03/ethereum-ethusd-bullish-price-channel-update-4hr-tf/

Boundary for the channel in Ethereum (ETHUSD) was redrawn after prices broke below ~$670.18 on April 30, 2018. Previous target area between ~ $818.71 and $839.68 was hit on May 5 with price returning to successfully test the bottom of the channel.

Technical analysis of Ethereum on the 4 hour tf

A break below the channel is expected to find support at Support A, which has been adjusted and is now placed between ~$685.23 and $646.08. Any break below support Area A would likely test support B ($623.62 and $597.60). Lines for the channel have been further extrapolated and this indicates that the new target for Ethereum to maintain its current bullish trend is ~$858.46 and $885.75.

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Elliott wave analysis of Ripple (XRPUSD): 4hr tf update

My previous post on XRPUSD (Ripple) can be found here:

Elliott wave analysis of Ripple (XRPUSD): 4hr tf


It was mentioned in the post that XRPUSD (Ripple) would likely sell off and find support between $0.71 and $0.74.

The chart has been updated and any upward movement should be a bounce on the way to the mentioned support area for XRPUSD. Failure to hold Support area as shown on the chart could potential result in XRPUSD (Ripple) testing support area 2 (between ~ $0.65 and $0.62) as shown on the chart.

Elliott wave analysis of Ripple (XRPUSD)

If XRPUSD (Ripple) does hold in the support area or Support area 2, it would terminate a minor wave X position which is shaping up so far as an Elliott wave combination (W-X-Y) structure. This implies that XRPUSD (Ripple) should resume another leg up as a minor wave Y which should see the price of XRPUSD (Ripple) resume its current bullish trend.