CJ had a very impressive run the previous week and has built up a lot of momentum. A five wave impulse move is currently in play.
Identifying a base channel helps one understand where the possible reversal levels for the 4th can be. In this case we have quite the
confluence zone upon where the end of the 4th wave appears to be. A base channel retest, previous resistance level now turned into
support, 30% fib retracement level of wave 3 and lastly an expanded flat corrective structure.
Targets:
- 81.600
- 82.000
- 82.350
If you enjoy this post do let me know down below in the comments section and/or by hitting the like button. Your perspectives are
definitely welcome and appreciated down below. I update the progress of my charts underneath the original post not separately.
Identifying a base channel helps one understand where the possible reversal levels for the 4th can be. In this case we have quite the
confluence zone upon where the end of the 4th wave appears to be. A base channel retest, previous resistance level now turned into
support, 30% fib retracement level of wave 3 and lastly an expanded flat corrective structure.
Targets:
- 81.600
- 82.000
- 82.350
If you enjoy this post do let me know down below in the comments section and/or by hitting the like button. Your perspectives are
definitely welcome and appreciated down below. I update the progress of my charts underneath the original post not separately.
Trade active:
