Hello All,
First time publishing idea. Hope to get some feed back.
I am using Elliot Wave to understand which direction the price might go short to medium term.
My view on this chart bearish for long term, but there are a few indicators that it could be a good sclap opportunity.
I see this chart in a wave 2 pullback that consists of a A-B-C structure. It already formed the (circle) A and B wave and is currently in the making of the C wave. The C wave usually consists of 5 waves and it formed wave i and ii, hence it is in the third wave which tends to be the most impulsive.
There is also a small cup and handle pattern forming on the 4/8h time frame which tends to be a bullish sign.
On the 1h time frame there is a triangle formation that can also be bullish, which I marked with green trendlines
The Fib levels show confluence at the wave iii of C, which is the 1.236 fib level ( wave 3s usually go to around 1.38 fib) and it is also the 0.786 fib level of the circle wave A.
TPs are indicated on chart, TP 1 and 2 are on the more cautious side, while 3 and 4 are more risky.
Keeping a close eye on this one, and putting in a tight SL at the moment
Not trading advice, be smart use stop loss.
First time publishing idea. Hope to get some feed back.
I am using Elliot Wave to understand which direction the price might go short to medium term.
My view on this chart bearish for long term, but there are a few indicators that it could be a good sclap opportunity.
I see this chart in a wave 2 pullback that consists of a A-B-C structure. It already formed the (circle) A and B wave and is currently in the making of the C wave. The C wave usually consists of 5 waves and it formed wave i and ii, hence it is in the third wave which tends to be the most impulsive.
There is also a small cup and handle pattern forming on the 4/8h time frame which tends to be a bullish sign.
On the 1h time frame there is a triangle formation that can also be bullish, which I marked with green trendlines
The Fib levels show confluence at the wave iii of C, which is the 1.236 fib level ( wave 3s usually go to around 1.38 fib) and it is also the 0.786 fib level of the circle wave A.
TPs are indicated on chart, TP 1 and 2 are on the more cautious side, while 3 and 4 are more risky.
Keeping a close eye on this one, and putting in a tight SL at the moment
Not trading advice, be smart use stop loss.