Price action and chart pattern trading > Elliott Wave projection - a possible breakout of corrective wave A position at 0.618 retracement of previous wave 5. > Target Wave B zone estimated at 0.618-0.786 of the current wave A uptrend + 15 - 18% upside again > Stoploss at the lowest wave A position plus ADR average day range -5 - 7% downside > RRR 2:1 for short term trade
Always trade with affordable risk and respect your stoploss
Trade closed: target reached
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Now, Short entry: the price breakdown below 50 day average and testing 200 day support - possible further drop to 0.786 extension -10 - 25 % downside: