Hello traders. My wave counter is indicating the start of the 5th wave break out on the 4hr. The yellow line is the quickest and is for individual/sub-waves counts, the green line is for each completed 1,2,3,4,5, the red line shows the whole structure. The yellow line will show when to exit and when to place buy/sell orders etc. We had a short two-wave correction which has created a longer 4th wave correction. Price briefly created a double bottom, broke the line captured some liquidity, and has moved up. Target is an unchecked price imbalance, which I call a naked imbalance. I'm suggesting the price will return to that point and collect trapped longs. The two-period RSI is above 60 and is in the buy zone. Targets on the chart and as always good luck!
So you think it’s gonna touch 14 before climbing again? Just wanting to clarify because I’m a bit confused
Avery_Upton
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@importedRider47842, Sorry for the confusion. Basically I'm long and the yellow line is my projected sell target. It's only my opinion. It may not touch it or it may go higher I'm not sure. Good luck!
Avery_Upton
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@importedRider47842, I'm suggesting it has already tapped 14 and it could now possibly go higher.
Avery_Upton
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@importedRider47842, Use the green channel as a guide, if it breaks that channel it will retest or search for trapped shorts, if not it has already secured the liquidity needed to search for trapped longs from the top of the third wave, which is my sell zone.