A nice example of an Elliott Wave pattern completion, called a RUNNING Flat, with 3-3-5 internal wave structure, and Wave-B ending significantly past the origin of Wave-A, whereas Wave-C fails to line up with termination level of Wave-A, indicative of a "hurrying" market in resumption of a the trend, here: DOWN.
Target is purely geometric, based on a AB = CD symmetrical projection.
(All educational, of course)
Cheers,
David Alcindor Predictive Analysis & Forecasting Denver, Colorado - USA
Hello @ZaloRostam - "SL" in the chart was indicated in red to let go of it if price ever visited that level. It indicates "Stop-Loss", a point where the trade needs to be abandoned.
As far as the directional bias of the chart, it has since turned from bullish to neutral, indicating an early bullish market reversal confirmation. I would have to regard this one as a failed bearish trade. If I trade this one, it would be off of a new analysis, given the new price action.
Thank you,
David
Mr_DL
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Now at 96.92.
Look at the hourly chart, it is at top of a channel.
Gonna get stopped soon.
Anyway I followed at 96.87, lets see
Mr_DL
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I don't like it.
Looks like a cup and handle forming on the 5 minute chart.
4xForecaster
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Hello @MR DL - Yes, but the influence from M15, H1, ... etc may not let this pattern happen.
Yellow line added as a "tolerance" level relative to price close.
David
4xForecaster
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(Actually, if you are referring to the formation of a small parabola, followed by a developing parabola, as appears to be the case from this M15 view, then you'd be dealing with a Kiss of Death, which would throw price down in such case - David)