TVC:SSMI reached point IV of the bullish wolfe wave and after failing to break the resistance level(s) is heading South to point V.
If this point is reached and reversal of downtrend is confirmed by forming the local low and supported by divergence/volume/data, it can become a nice long opportunity.
GL All!
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After forming the rising wedge, the price fell sharply following the downtrend as predicted. Keeping a close eye for reverse of current trend and opportunity to go long.
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Used comment option by mistake ))
Possible reversal, price is still in sweet zone, RSI divergence - 3 positions opened, situation awaits development.
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Reversal point is getting more likely - point V is formed with double bottom and being confirmed by both RSI divergence and solid volume (I can see it in my terminal, but unfortunately not available here on tradingview.com/chart/SSMI/) 3 more positions added, SL is currently below the local* minimum at 8797.
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Closed all, but 1 position - globally indexes are falling, will re-open if price returns back inside the pattern.
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Added more positions as the price crossed the line I-III-V and thus returned back to the body of the pattern.
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Two positions closed reaching line II-IV. The remaining lots are being kept. If the price makes solid breakthrough and holds above this line, it will open the way up North to planned targets. In this case, few more longs will be added again.
Trade closed manually
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Previously, 2 positions were closed at 8919 and 1 at breakeven.
The price keeps slowly descending around line 2-4. Volume analysis indicates possible support of downtrend - may lead to new wave formation lower. Interestingly, in this case TP is located at the very same level of the yellow WW.
The situation is too unclear at the moment, will wait it out.
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The price broke II-IV line of the yellow pattern and is steadily growing with major wave's targets already in sight.
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The wave worked out really well, TP was reached successfully.