Market just finished 1-5 Elliot wave and started going down, we are waiting for it to bounce off of a 50% fib zone, retrace to a trend and go down to our demand zone, where we should enter the market for a long position and expect retrace to 50% fib zone of downwards movement.
AROON: Shows gain in a bearish momentum so it means we should hit our 50% fib zone
Supply/demand zone: Shows strong demand zone at 79$ zone where we should get our entry
entry: 79
invalidation: 48 (I will not be putting invalidation on my trade because Nike is on of the industry's giants and we should see rise in price in a long term.)
target: 118
AROON: Shows gain in a bearish momentum so it means we should hit our 50% fib zone
Supply/demand zone: Shows strong demand zone at 79$ zone where we should get our entry
entry: 79
invalidation: 48 (I will not be putting invalidation on my trade because Nike is on of the industry's giants and we should see rise in price in a long term.)
target: 118
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