We can see a nicely formed 5 waves down, which are marked here as "a". Wave "b" is deep and gives a perfect Risk/Reward Ratio.
SL is 545 $. First goal is around 480 $
SL is 545 $. First goal is around 480 $
Trade closed: stop reached:
Invalidated. The correction in the wave 4 was an intensive but short triangle.
Now we are in the wave 5.
For bears need to wait when this wave is finished. Thereafter the price should normally come back close to the origin of the breakout. In our case around 525 $
Now we are in the wave 5.
For bears need to wait when this wave is finished. Thereafter the price should normally come back close to the origin of the breakout. In our case around 525 $
Comment:
For the explanation of which triangle is mentioned check the comment below