US30 is creating a really interesting pattern.
We could be in an impulse/diagonal - Both of which follow similar rules. Wave 2 was a clear flat correction = 335, which broke out upwards of 23%!
We are seeing a similar correction to wave 2 now. Typically wave 4 retraces atleast to the 38.2 fibonacci level. This is where we'll have our buy zone.
We want to see 5 wave move down for subwave C (of wave 4). If all goes according to plan, we can draw an entry trendline using points 2 and 4 of subwave C to catch the 5th move higher.
Should be an easy trade!
Will update this setup if this gets enough engagement.
Goodluck and as always, trade safe!
We could be in an impulse/diagonal - Both of which follow similar rules. Wave 2 was a clear flat correction = 335, which broke out upwards of 23%!
We are seeing a similar correction to wave 2 now. Typically wave 4 retraces atleast to the 38.2 fibonacci level. This is where we'll have our buy zone.
We want to see 5 wave move down for subwave C (of wave 4). If all goes according to plan, we can draw an entry trendline using points 2 and 4 of subwave C to catch the 5th move higher.
Should be an easy trade!
Will update this setup if this gets enough engagement.
Goodluck and as always, trade safe!
Comment:
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For those looking to only take the swing trade long, we'll draw an entry trendline using points 2 and 4 and then catch the breakout for the 5th wave