Long Opportunity 5/21/2024
2414 support weekly support tested multiple times on 4H (support respected)
Bullish retracement breakout to then retest 61.8% of the bullish move post breakout
targeting 1.272 extension which is slight above 2435 which is monthly resistance and was tested during the breakout. Price will likely break through if it doesn't I will take profit here or just adjust my SL to Break even in order to maximize the trade as I aim for 2441 and 2450
Bullish retracement breakout to then retest 61.8% of the bullish move post breakout
targeting 1.272 extension which is slight above 2435 which is monthly resistance and was tested during the breakout. Price will likely break through if it doesn't I will take profit here or just adjust my SL to Break even in order to maximize the trade as I aim for 2441 and 2450
Trade closed: stop reached
1. I used to micro a fib retracement instead of a macro. The stronger fib came from the top on the bearish move's retracement.
2. Trend continuation from the top of a bullish channel? Why? No evidence.
3. The second push up that failed at 2433 was my signal to get out because it became invalid A, B, C, corrective wave became invalid when it didn't break the bearish trendline