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ElliottWaveBelgium
Apr 14, 2021 4:55 PM

FUTU - Ready for a new bull run ? Long

Futu Holdings LimitedNASDAQ

Description

FUTU - Looking good but I'm not sure if we're in a wave (ii) or smaller degree wave iv on the 65min chart.
We can buy a break above 160 nonetheless with a very tight stop of 5-6$ and in worst case get out at breakeven if the alternate count is right and price turns lower after making a new high above 164.
Comments
Ayman19
can you please update
ElliottWaveBelgium
@Ayman19, Hey there,

Right now I'm out of this one.
I was expecting a drop below 130 but that didn't occur and I think we might see this continue higher if it can break above the green/red VWAPs.
I will look to buy in again today if price can remain above 132 and ultimately above 126.

The wave count suggest the move might be over since we can count 3 waves down although it's very sharp and that's not really how zigzags usually unfold.
Note also that the sharp pullback came to an end around the 50%-61.8% retracement zone.

So, I'd say if you want a no fuss trade, I would recommend longs above 140 as long as price remains above 126.
For more precise entries and better R/R you can look for a small consolidation pattern on the 1min or 5min chart and buy that breakout(look at your brokers data for that since Tradingview's data isn't very precise on such timeframes).

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