Okay so this is basically self explanatory but I'll still make it even more clearer for you guys! There's 2 different strategies that you can apply to this chart; Wave analysis and Contraction & Expansion (618 Reverse).
Wave Analysis: We had an impulse down and the market has corrected in the form of a 3 wave pattern or 5, depending on how you look at it and the market broker out of that correction and we are getting a slight pullback which I think will terminate near the 618 fib retracement level and that will signify the resumption of the down trend. Possible profit targets are located at the 127.0 and 141.0 fib extension levels.
Contraction & Expansion: This is a complex contraction with 618 reverse and if you want to understand how this structure behaves then join my zoom trading classes because it might take me months in other to explain all the different types of contractions and how the behave and also check out my latest video on youtube and you will see another example of a contraction strategy that I traded live!
Any opposing comments and views are welcomed!
Wave Analysis: We had an impulse down and the market has corrected in the form of a 3 wave pattern or 5, depending on how you look at it and the market broker out of that correction and we are getting a slight pullback which I think will terminate near the 618 fib retracement level and that will signify the resumption of the down trend. Possible profit targets are located at the 127.0 and 141.0 fib extension levels.
Contraction & Expansion: This is a complex contraction with 618 reverse and if you want to understand how this structure behaves then join my zoom trading classes because it might take me months in other to explain all the different types of contractions and how the behave and also check out my latest video on youtube and you will see another example of a contraction strategy that I traded live!
Any opposing comments and views are welcomed!
