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Potential Long Swing Trading Opportunity PSXP - Elliott Wave

Long
NYSE:PSXP   Phillips 66 Partners LP
Using our Elliott Wave Indicator Suite for the TradingView platform we have identified a potential 5th Wave long swing trading opportunity for PSXP . We are using the Daily Tie frame for this analysis and would expect anything up t 25 Days in this stocks swing trade once through Entry.

Long Entry at $57. 05 with Stop Loss below the wave 4 at $54.77 and Target of $61 in our automated target zone, which give a great Risk to Reward for this potential stock swing trading opportunity.

Our Elliott Wave Indicator suite concentrates on the behaviour of the wave 4 pull back and measures this in 3 ways. Firstly the Wave 4 has found support in the Amber zone (in our probability pullback zones) which represents an 80% probability that our automated 5th wave target zone will be hit. Next we have the Yellow dots in the over bought zone of our false break out stochastic indicator. When we get a wave 4 pullback against these yellow dots and a crossover on the oversold zone, there is a high probability the stochastic will return to that strong bullish move and into the over bought zone on the 5th wave move. And finally we measure the wave 4 pull back on our Elliott Wave Oscillator within 90/140%. In this case all of our entry requirements are met for a high probability 5th wave move.

next is entry strategy, which we teach in the accompanying training bootcamp. In this case we are going long outside of our Special 6/4 MA High (green MA) and above the whole $57 price.

To learn more about our Elliott Wave Indicator Suite for TradingView, please watch the Video Tour >>>HERE<<
Comment: Adjusted Stop for the order to 54.67 to compensate for slightly new wave 4 low. Also adjusted entry to 57.02, which is still outside of our 6/4 MA high for today's bar position