lady_luck
Short

wave 1 top and wave 2 targets

BITFINEX:BTCUSD   Bitcoin / Dollar
74 1 3
5 impulse wave up
MA with bearish divergence
Running triangle during wave iii            
Supported by a clear MACD read of top of wave iii             and ( iii             ) of v
RSI confirmation of top of wave v
Overall good proportion of subwaves.
Probable advance wave 1

Also :
corrective Fib level 0.618 of the previous wave down (E) reach
Significant resistance level and R1 at 423.86
Potential inverted Head and shoulder pattern

Target for the correction is between fib 0.618 or fib 0.764. Or near H4 S2 pivot at 399.98.
Stop Loss is time relevant and in relation with the bottom TL of the triangle. Now 495. By probable end of wave 2 : 497.
The longer and more complex wave 2 will be the shallower the correction.
lady_luck
a year ago
edit :
I meant running triangle during wave iv...
Significant for the trend channel and read of this wave v top/target.

Also, the stop loss mentioned is for the long entry. Current SL for this short position is 425.58.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out