Price action and chart pattern trading setup TFD - Elliott wave analysis > A possible 4-wave correction descending triangle with subwave B breakout expected to retraced 0.618 - 0.786 of subwave A scenario. > Entry @ breakout triangle after downtrend subwave c completely retraced > Target @ 5-wave upper resistance zone 1.618 wave 4 extension and 2.618 wave 1 extension + 30-40% > Risk reward ratio could be 3:1
Indicator: RSI bullish momentum
Always trade with affordable risk and respect your stoploss
Trade closed: target reached
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Take profit point as expected now - retesting its triangle neckline support at 0.618 retracement and MA200 key support - possible a long entry opportunity for rebound