Hello friends! Last time we got hit on break even level.
So as I assumed in my comment for last idea we retraced almost 78.6% of A in wave B (yellow). It is very healthy for us as now market should run higher without setbacks.
Entry: At market (30.30) Stop: Below today's low (29.25) Target: 41.00 (where wave C = 1.618 of wave B) Risk/Reward is 1:10
Best wishes! Aibek
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Want to share with you intraday chart to show what is happening inside.
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Wave 2 (green) overshot 61.8 % Fibo on Energy report. I guess it is over now powerful 3 up!
Order cancelled
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Move stop under the low of wave 2 (29.72 was low) to decrease potential loss. Original stop was set at 29.25
Wave 3 unfolded so we can move stop now.
Order cancelled
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MOVE STOP to break even ($30.30, at least) or to more comfortable profit level. Enjoy safe ride friends! Aibek
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Hello traders! First wave up of larger degree has finished. Now we are in a wave 2 retracement down. Common level is 61.8% or 30.98 on the chart. Worse case scenario it can reach 78.6% Fibo or 30.27 on the chart (below our break even) Let us see!
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Looks like correction in wave 2 down is over. Details are on the chart.
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UPDATE. Wave 2 dipped lower to reach 61.8% of wave 1. Other valuable explanations are in callouts on the chart.
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UPDATE. We are at crossroads between channel upside (positive) and break even stop (negative). Illustrations are on the chart.