This long term idea is based on Elliots impulse waves.
It is evident in the news, media and on the charts that price has fallen quite dramatically in the last month or two.
At the moment, price has landed at a strong reversal zone of 60, as indicated by the yellow lines which represent strong turning points in price.
This marks that wave 4 of the Elliot wave is almost complete, as it falls at the structure turning point of 1-2.
This opens an opportunity to go long.
On the Daily chart, a Bullish Shark formation is about to form in the coming days in confluence with structure. This gives stronger reason to go long
The completion of the 4th leg in the coming days means we can prepare for the completion of Elliot by way of the 5th wave.
We would look to go long once the shark formation completes on the daily chart, with respect to other technical analysis reversal factors.
If our analysis plays out in the coming weeks, we would be aiming for
TP1: 90
TP2: 100
SL: Below point 4 of Elliot and structure line
This would entail a 50%+ increase in price if targets are hit.
Enjoy <3
Get our harmonic trading cheat sheet here!
www.patreon.com/indigotradinggroup
It is evident in the news, media and on the charts that price has fallen quite dramatically in the last month or two.
At the moment, price has landed at a strong reversal zone of 60, as indicated by the yellow lines which represent strong turning points in price.
This marks that wave 4 of the Elliot wave is almost complete, as it falls at the structure turning point of 1-2.
This opens an opportunity to go long.
On the Daily chart, a Bullish Shark formation is about to form in the coming days in confluence with structure. This gives stronger reason to go long
The completion of the 4th leg in the coming days means we can prepare for the completion of Elliot by way of the 5th wave.
We would look to go long once the shark formation completes on the daily chart, with respect to other technical analysis reversal factors.
If our analysis plays out in the coming weeks, we would be aiming for
TP1: 90
TP2: 100
SL: Below point 4 of Elliot and structure line
This would entail a 50%+ increase in price if targets are hit.
Enjoy <3
Get our harmonic trading cheat sheet here!
www.patreon.com/indigotradinggroup