The wave 4 pull back has found support in the Red zone of our probability pullback zones, which represents an 75% probability that our automated 5th wave target zone, in blue on the chart, will be hit. Further more the profit taking pull back is at major zone from previous range period.
We see yellow dots formed in the overbought zone on our special False Breakout indicator, which signals strong momentum. When, during a wave 4 pullback, the pulls back against these false break out dots and crosses in the oversold zone, there is a high probability the stocks price action will resume the overall .
We also measure the wave 4 behaviour with our Elliottwave oscillator, which has pulled back within our pre-determined zone.
So overall we have identified, using our Indicator suite for TradingView, a high probability long swing trading opportunity for HALO , Weekly Time Frame , with the following entry strategy:
We use our 6/4 MA High for initial starting point for long entries and take into consideration and recent during the 4th wave pullback.
Long entry through $18.63
Stop Loss $17.63
Giving a Risk to Reward of 1:1.7