RCII trend is generally up going. Currently , RCII is making a correction for a rally which started from 7.22 up to 66.7.
So far, RCII is showing an impulse correction with wave 1, 2 ,3 and more than likely 4 of A completed and it is making wave 5 of A. What does it mean? A possible counter trend correction (Wave B ) is going to start soon from 46- 48 up to 58-60 USD which can bring us about 20 % profit.
After mentioned counter trend correction (Wave B), another down going wave ( wave C ) will start which may end at 44 or 37 USD corresponding to 0.382 and 0.5 retracement levels of the last major rally respectively.
Stochastic indicator in both weekly and daily time frame is in oversold zone which fulfill one of our conditions to have an ideal setup.
Please take into consideration that catching a counter trend correction is not se easy. It needs very close entrance to stop loss to fulfill the Reward to Risk condition and also requires using some risk management tools like Multi Unit Trade strategy. Therefore, If we do not know these tools and calculations we just can stay calm and wait for the whole correction to be done.
Wish you beautiful moments in your trading.
So far, RCII is showing an impulse correction with wave 1, 2 ,3 and more than likely 4 of A completed and it is making wave 5 of A. What does it mean? A possible counter trend correction (Wave B ) is going to start soon from 46- 48 up to 58-60 USD which can bring us about 20 % profit.
After mentioned counter trend correction (Wave B), another down going wave ( wave C ) will start which may end at 44 or 37 USD corresponding to 0.382 and 0.5 retracement levels of the last major rally respectively.
Stochastic indicator in both weekly and daily time frame is in oversold zone which fulfill one of our conditions to have an ideal setup.
Please take into consideration that catching a counter trend correction is not se easy. It needs very close entrance to stop loss to fulfill the Reward to Risk condition and also requires using some risk management tools like Multi Unit Trade strategy. Therefore, If we do not know these tools and calculations we just can stay calm and wait for the whole correction to be done.
Wish you beautiful moments in your trading.
Comment:
RCII passed 0.618 Retracement strongly and now is near the 0.786 Retracement. Is it on the way to make a new ATH? Lets follow