- AWAITING BOTTOM CONFIRMATION -
Nice setup imo for a trade to the top of W3 and a long tail wick rejection to 0.6205. The sell target box (red) lies at the 1.618 retracement of W0-1 and has been brought forward from the last post. Could be a nice 50% pop before late Jan pullback.
Further downside to .382 is possible as there is a strong confluence of support there and would be a more typical level for retracing a W1. We're good at levels here, not timing so patience and good risk management is key.
I want to see more confidence on the bottoming before I play ball. Such as:
Nice setup imo for a trade to the top of W3 and a long tail wick rejection to 0.6205. The sell target box (red) lies at the 1.618 retracement of W0-1 and has been brought forward from the last post. Could be a nice 50% pop before late Jan pullback.
Further downside to .382 is possible as there is a strong confluence of support there and would be a more typical level for retracing a W1. We're good at levels here, not timing so patience and good risk management is key.
I want to see more confidence on the bottoming before I play ball. Such as:
- Positively divergent lower low on MACD and or RSI (both is best) on a higher time frame (2 or 4hr is enough)
- a confident break above the grey trendline
Comment:
Spilled past where I expected, Teased us to the last minute before dropping lower. We should wait to see the response as it tries to base at the .236 retracement, which would be more typical of this wave structure.
