It's working its way out of a flat top triangle and in the near term is about as likely to break upward sharply as it is to fall back into the congestion range.
There's really no strong trade to take yet for swings. Once it does break from the triangle it will probably want to swing back and tag the prior resistance line from above, that would be the ideal long signal.
Intraday is kind of dangerous to trade but I have had success with a bearish bias inside the congestion triangle. However either direction can generate good trades as long as the priority is to get a good price far from the middle of the value area intraday, in other words be very stingy with your entry and try to enter on the absolute top or bottom of the day and use a tight stop, do not try to pick any type of intraday pullback. Getting an entry way out on the edge of the range then holding it to the other side can produce fantastic RRR even though this is a choppy messy area to trade.
Once it breaks out of the triangle to the upside and tags the bottom of the resistance line it will probably move very sharply upward in the direction of the large pitchfork. At that point it will be possible to generate an elliot count for fib targets.
Doing an elliot count of the triangle is probably a waste of time. Overall this is a wait and see kind of chart.
There's really no strong trade to take yet for swings. Once it does break from the triangle it will probably want to swing back and tag the prior resistance line from above, that would be the ideal long signal.
Intraday is kind of dangerous to trade but I have had success with a bearish bias inside the congestion triangle. However either direction can generate good trades as long as the priority is to get a good price far from the middle of the value area intraday, in other words be very stingy with your entry and try to enter on the absolute top or bottom of the day and use a tight stop, do not try to pick any type of intraday pullback. Getting an entry way out on the edge of the range then holding it to the other side can produce fantastic RRR even though this is a choppy messy area to trade.
Once it breaks out of the triangle to the upside and tags the bottom of the resistance line it will probably move very sharply upward in the direction of the large pitchfork. At that point it will be possible to generate an elliot count for fib targets.
Doing an elliot count of the triangle is probably a waste of time. Overall this is a wait and see kind of chart.