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gelnd
Nov 24, 2017 8:46 PM

ARKUSD $3.27 SHORT TERM? Elliot Wave Analysis Long

Description

Consolidation inside of a pennant pattern showing break out with a continuation of the previous bullish trend from before consolidation. Bullish RSI divergence, as well as a bullish MACD divergence on 3h/4h candles. Please note the text boxes - the wave 4-5 target are only if the wave 3 stops at 1:1 Fibonacci extension (which I marked as the sell zone for wave 3).

Comment

Quick note - leg 4/5 is if wave 3 peaks at 1:1 Fibonacci extension of wave 1-2 if it goes past to 1.618 then the 4/5 analysis is null. Meant to say that in the text bubbles

Comment

New leg 5 PT: 3.37-3.39

Trade closed: target reached

Succesful trade :)
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