@ Reza 1530.
Hope the above chart helps. The count shown is referenced to the Cci-100 on the 15/5 min. It has been invalidated as an Elliot structure as the market did a higher high.
What would this indicate ?
Cci @ 1HR ~ -250 & Cci @ 15 min is trending bearish. So there is a negative feed into the 4hr time frame. But the 4hr cycle is the most important here. its Cci is currently ~ zero. So the 4hr Cci will wait until both 15 min & 1 Hr Cci have made cycle lows in confluence, and bounced higher, taking the 4hr Cci for a bounce upwards from the zero line. This will take price any where between 152.9 --> 153.25 & max 153.58 (highly unlikely).
The market would have made its final top out at this point - labeled "B-chart" on the chart. All cycles (3 intermediate term trading cycles 240 min / 60 min / 15 min) are either bearish or topping out at this point. An Elliot structure would ensue. It should be a Grand - "C" down.
I would sell 50% @ 152.528 & 50% @ 152.90. Stop 154.25. Target next neck line below the green one shown <149.30-150>.
I would try to trade the formation from one neck line to the next. Usually selling 38.2% > each successive neckline to take profit @ the next lower neckline. I would not go for the final target of 147 at once.
If you will be trading :- Please do all due discretion, and seek expert advice.
This is NOT A TRADING RECOMMENDATION - Though it does sound like one. It is just a journal of what I intend & will Do.
All the Very Best in good Fortunes
Summerset
Hope the above chart helps. The count shown is referenced to the Cci-100 on the 15/5 min. It has been invalidated as an Elliot structure as the market did a higher high.
What would this indicate ?
Cci @ 1HR ~ -250 & Cci @ 15 min is trending bearish. So there is a negative feed into the 4hr time frame. But the 4hr cycle is the most important here. its Cci is currently ~ zero. So the 4hr Cci will wait until both 15 min & 1 Hr Cci have made cycle lows in confluence, and bounced higher, taking the 4hr Cci for a bounce upwards from the zero line. This will take price any where between 152.9 --> 153.25 & max 153.58 (highly unlikely).
The market would have made its final top out at this point - labeled "B-chart" on the chart. All cycles (3 intermediate term trading cycles 240 min / 60 min / 15 min) are either bearish or topping out at this point. An Elliot structure would ensue. It should be a Grand - "C" down.
I would sell 50% @ 152.528 & 50% @ 152.90. Stop 154.25. Target next neck line below the green one shown <149.30-150>.
I would try to trade the formation from one neck line to the next. Usually selling 38.2% > each successive neckline to take profit @ the next lower neckline. I would not go for the final target of 147 at once.
If you will be trading :- Please do all due discretion, and seek expert advice.
This is NOT A TRADING RECOMMENDATION - Though it does sound like one. It is just a journal of what I intend & will Do.
All the Very Best in good Fortunes
Summerset
