To be fully transparent let me admit that I'm brand new to the application of Elliot waves and for all i know this could be a poor candidate, however it does appear to at least fit within the key parameters of an impulse wave and is thus a possibility. I'll list this below but I'd also point out that the macd, stochastic rsi, accumulation/distribution are all turning north, so we should at least be in line to test 380 in the very near future.
The three
rules (of an impulse wave) are:
Wave 2 cannot retrace more than 100% of Wave 1.
Wave 3 can never be the shortest of waves 1, 3, and 5.
Wave 4 can never overlap Wave 1.
Obviously keep a close eye on this one or set your SL's in advance. We've seen what this can do in a short period of time. GLTA
The three
rules (of an impulse wave) are:
Wave 2 cannot retrace more than 100% of Wave 1.
Wave 3 can never be the shortest of waves 1, 3, and 5.
Wave 4 can never overlap Wave 1.
Obviously keep a close eye on this one or set your SL's in advance. We've seen what this can do in a short period of time. GLTA
Trade active:
This is just tasty
Comment:
Alternative view in case it stalls here -- could see this pattern develop over the next couple hours.
Don't hesitate to use a tight stop loss, if we drop under 310-315 you can probably plan on picking up at 290-295... but you never know. Make a plan.
Don't hesitate to use a tight stop loss, if we drop under 310-315 you can probably plan on picking up at 290-295... but you never know. Make a plan.
Comment:
Just a few projections. I really think this is going to go.
Comment:
another push
15M
5M
30M
On the 30M you can see we're riding the cloud as resistance, so this may be the one to tell us when we've broken into open air