Price reversal and pivot from the end of wave 4. Buying with 1% allocation. Open @ 34 34 TP @ 37.25 (+8.5%)
Strategy: Based on Elliot wave theory, pivot points and classic chart patterns.The 5th wave pivot strategy identifies the last impulse of the elliot wave sequence. The 5th wave can be equal to the 3rd wave or extend to the 1.618 fibonacci level. Entry: A position is taken when a pivot point is reached at the end of the 4th corrective wave and the price reverses. This position is also confirmed by boucing from the lower bound of a chart pattern or from price support level. Exit: TP is taken from top of wave 3 or the previos resistance level.