Price holding well within rising wedge with potential double top inclined. Looking closely on the chart also, there is this potential Ascending broadening wedge formation which will likely play out.
The whole idea will be to consider the important level mentioned on the chart as our trading zone.
A break below or above the important level will trigger big move towards any of the sides.
preliminary waves also shows price holding firm within the wedge .
More update will follow as market develop.
Kindly go through the chart and do leave us your comments to let us know how you feel about our view,
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This is not Elliott Wave, you're ignoring some rules here
weslad
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@spyxo2x, Thanks for your comment, most time its good to pocket what we have in the books and all the rules, those rules were made by someone like us. Tell me if textbook approaches works then people should have not been getting rekt. Anyway i use those count in accordance to my basic view on the chart not according to textbook counts.
spyxo2x
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@weslad, Well, the thing is that textbook is not easy, that's why 80% or more get rekt. It takes a lot of experience to identify the patterns in the early stages, understand the larger picture and be aware of the "tricks" that can be played, while still staying in line with textbook.
Yes, intuition comes to play - in fact it's very important when choosing between multiple possible scenarios. From my experience, the markets do follow textbook EW most of the time.