- - We have most likely finished 5 waves down of something bigger,
- We are hovering right above upward trending HnS target (drawn by the channel)
- Right under that channel, we have a log longterm trendline support as well.
Target - 50% retracement of those 5 waves.
Stop loss around $450.
The longterm logarithmic chart support line that I was talking about above (red line).
Also, yesterday I almost got stopped out (the price bounced literally $0.1 away from the stop loss) and to be honest this price action is not very comfortable to be in a trade now, I might have rushed into the trade too early.
Next support zone where I will enter long (if we reach there of course) is $370 (the equal leg area on recent EWs count) and $340s (an important longterm log trendline area).