We just finished Elliot wave 1-5 and ABC pattern, already bounced off of a strong demand zone and 71.8% fib zone we can enter right now but our R/R ratio is 1.7 since we missed first bounce, what we are looking for is a retrace to our entry point ant 71.8% fib zone and enter there. Also market made a gap at 182 zone which has to be filled. Also a gap at 325 zone, which also needs to be filled.
AROON: On a daily chart AROON already shows bullish momentum (Orange line above blue one)
Bollinger band: we already bounced off of a bottom Bollinger band which indicates bullish direction movement.
Entry:119 (We can enter right now but for better R/R I would suggest to wait for a retest at the entry zone, though it might not do that and we might miss a trade)
Invalidation: 79 ( Just below Demand zone )
Target 1: 292 (50% FIB ZONE)
Target 2: 325 (Second gap zone)
Ratio if we wait for retest: 4.38
Ratio if we enter right now: 1.75
AROON: On a daily chart AROON already shows bullish momentum (Orange line above blue one)
Bollinger band: we already bounced off of a bottom Bollinger band which indicates bullish direction movement.
Entry:119 (We can enter right now but for better R/R I would suggest to wait for a retest at the entry zone, though it might not do that and we might miss a trade)
Invalidation: 79 ( Just below Demand zone )
Target 1: 292 (50% FIB ZONE)
Target 2: 325 (Second gap zone)
Ratio if we wait for retest: 4.38
Ratio if we enter right now: 1.75
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