It seems we have 2x Possibilities for this chart?
Possibility #1 seems to suggest a breakout of Major channel in Bullish move up to continue wave C on Intermediate Period
Possibility #2 seems to suggest a breakout of Minor Triangle in Bearish move down to either
a) Fibonacci and then continue up bullish to break the Major channel to continue wave C on Intermediate Period
or
b) Continue downwards breaking Minor channel and Major Triangle in bearish move.
NOTES:
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Structure analysis suggests downward move at least to fibonacci level of 0.50/0.618 but could continue downwards.
On 4H time frame, RSI suggests fibonacci move down then up and Stochastic RSI suggests move upwards.
SMA channels suggest continuation of upwards move as the close is still outside the SMA channel.
My Elliott Wave count suggests move upwards for continuation of Wave C move.
In my opinion it should continue the wave count as shown on the chart, however in order to not miss out on this wave C trade, I propose an IF/THEN setup where either way any of the breakouts can be traded with caution.
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NB: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
Please do not trade this chart if you do not have your own strategy. Trade only with your own strategy.
Some very wise words: Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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Possibility #1 seems to suggest a breakout of Major channel in Bullish move up to continue wave C on Intermediate Period
Possibility #2 seems to suggest a breakout of Minor Triangle in Bearish move down to either
a) Fibonacci and then continue up bullish to break the Major channel to continue wave C on Intermediate Period
or
b) Continue downwards breaking Minor channel and Major Triangle in bearish move.
NOTES:
----------
Structure analysis suggests downward move at least to fibonacci level of 0.50/0.618 but could continue downwards.
On 4H time frame, RSI suggests fibonacci move down then up and Stochastic RSI suggests move upwards.
SMA channels suggest continuation of upwards move as the close is still outside the SMA channel.
My Elliott Wave count suggests move upwards for continuation of Wave C move.
In my opinion it should continue the wave count as shown on the chart, however in order to not miss out on this wave C trade, I propose an IF/THEN setup where either way any of the breakouts can be traded with caution.
----------------------------------------------------------------------------------------------------------------------------------------------------------
NB: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
Please do not trade this chart if you do not have your own strategy. Trade only with your own strategy.
Some very wise words: Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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