The wave 4 pull back has found support in the red zone of our probability pullback zones, which represents an 75% probability that our automated 5th wave target zone, in blue on the chart, will be hit.
We see yellow dots formed in the overbought zone on our special False Breakout indicator, which signals strong momentum. When, during a wave 4 pullback, the pulls back against these false break out dots and crosses in the oversold zone, there is a high probability the stocks price action will resume the overall .
We also measure the wave 4 behaviour with our Elliottwave oscillator, which has pulled back within our pre-determined zone.
So overall we have identified, using our Indicator suite for TradingView, a high probability long swing trading opportunity on STNG , 60min Timeframe , with the following entry strategy:
Long entry through $35.21
Stop Loss $34.14
Giving a Risk to Reward of 1:1.6
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