In the charts, we can see a lot of Elliot Wave is overlapped
Comment:
Respectively, Fibonacci also overlapped in the area of 28k5. This is also a resistance area. I believe all of the Elliot waves drawn in the chart are only the beginning of Wave 1 in a bigger timeframe.
Comment:
This is a very bullish signal in terms of Elliot. We will open a long position up until 28k5 and observe the price action in that particular area to see how the Wave 4 move before making plan for Wave 5
Comment:
Currently, the small blue Elliot pan had been canceled because Wave 4 have entered the Wave 1 area which is not a good sign for this plan.
Comment:
However, the gray Elliott Wave isn't being canceled yet. So we will observe the price in this area. If the gray Elliott Wave is also failed, it might be a bad sign and we will stop following this plan immediately