1. Price action under the 20EMA and has currently broken the 100EMA.
2. The next level of support is on the 200EMA which acts as strong support.
-------This level is also the 100% retracement of the Elliot wave from 4-5
-------This is also the completion of the A leg
It should bounce off this B leg up to the Resistance level and down to wave C.
Note: There could be a potential Head and Shoulders formation here leading to completion of the C leg
Short to A
Long to B
Short to C
2. The next level of support is on the 200EMA which acts as strong support.
-------This level is also the 100% retracement of the Elliot wave from 4-5
-------This is also the completion of the A leg
It should bounce off this B leg up to the Resistance level and down to wave C.
Note: There could be a potential Head and Shoulders formation here leading to completion of the C leg
Short to A
Long to B
Short to C
Comment:
I didn't trade this but its a confidence booster when price action follows your analysis. Once I have improved my risk management, I should be a better trader