It is of great importance to grasp the concept behind the wave theory. The market always repeats itself,wave theory is over a hundred years old but nothing has changed and you can never go wrong on whats to unfold next.
we made entries towards the end of the second wave (.8358) and our journey does not end on the 5th wave, we selling correction as well. set limit order just above 50%fib level around .8812 as price might just spark a little bit above that level.
If your also familiar with high "M"s and low "W"s formations, you'll recognize on a higher timeframe that Leg A and B of "ABC" wave form a "W" (double bottom) formation, also on the other hand the idea is to sell the 5th wave as a correction to the neckline 23.6%
we made entries towards the end of the second wave (.8358) and our journey does not end on the 5th wave, we selling correction as well. set limit order just above 50%fib level around .8812 as price might just spark a little bit above that level.
If your also familiar with high "M"s and low "W"s formations, you'll recognize on a higher timeframe that Leg A and B of "ABC" wave form a "W" (double bottom) formation, also on the other hand the idea is to sell the 5th wave as a correction to the neckline 23.6%
Trade closed: stop reached