Idea is based on Elliott wave theory and the use fibonacci extensions. The stochastics are used for wave count confirmation. The rationale behind this set-up is shown on the chart along with specific target/stop loss. Good luck
Hamza, we have a similair view. Only thing is I'm seeing a retrace moment here.
NQunlocked
⋅
I honestly don't believe there is a strong retracement any more, but then that is solely based on my stochastics and the way I use them to identify corrections. Maybe something to challenge your approach: the trend line you have drawn between waves 1 and 3: it is just based on 2 points. To me that is not enough validation,why do you believe price will adhere to that "slope", there isn't enough data sort to speak. Also RSI is yielding overbought..that doesn't always mean a strong retracement is to follow. as for the MACD cross-over, even when the MACD is below the signal line, price can still go higher, it just means the momentum is slowing down. Wishing you many pips
ElPatron.Y
⋅
I believe it will go up, but first a retrace is likely.