Today's price action seems to validate chart's bullish Elliott count.
If the count is correct, intraday traders can target a retest of recent high @3750 expected for wave 3, and 4h traders can target the full impulse @3800, where we'll more likely be rejected by multiple resistances, including strong pink resistance in play since the downfall from 6k last month.
This Elliott count would be invalidated if we go below last low @3580, which should be the lowest stop-loss acceptable for this long trade.
Buying the dip which should be the corrective (2) of green wave 3 could be a good idea, but who knows...
Interested in any argument against this wave count in comments !
If the count is correct, intraday traders can target a retest of recent high @3750 expected for wave 3, and 4h traders can target the full impulse @3800, where we'll more likely be rejected by multiple resistances, including strong pink resistance in play since the downfall from 6k last month.
This Elliott count would be invalidated if we go below last low @3580, which should be the lowest stop-loss acceptable for this long trade.
Buying the dip which should be the corrective (2) of green wave 3 could be a good idea, but who knows...
Interested in any argument against this wave count in comments !
Trade closed: target reached:
Bought the corrective (2) of wave 3 @3617.
Sold at first signs of exhaustion of wave 3 @3770.
Wave 3 went farther than expected, validating the whole green structure.
Now we can short wave 4 or wait for its completion and buy wave 5, which should range up to 3800+/4000.
Sold at first signs of exhaustion of wave 3 @3770.
Wave 3 went farther than expected, validating the whole green structure.
Now we can short wave 4 or wait for its completion and buy wave 5, which should range up to 3800+/4000.