After the last short triggered by the end of an impulsive Elliot waves, and now that the A, B, C corrective waves took place. Its time to look for the next step.
The new Fibonacci Fan created by that last bullish trend (impulsive waves in dark blue) show us a strong ascending floor support at fib. level 3/1.
Most importantly, looking at that, looks like this could be the start of a bigger picture elliot wave, and impulsive wave num.3 could start shortly. So the idea would be to go long, and use that support as a reference for our trailing stop loss.
4h and 6h charts (the bigger picture) show the MACD ready for a bullish wave. Also 4h Ichimoku cloud (not shown in this chart) shows a brighter future.
Only concern: RSI is not showing any oversold signals in any timeframe. But, Looking at 1day charts looks like its coming from clearly oversold territory...
Will see how this develops.
The new Fibonacci Fan created by that last bullish trend (impulsive waves in dark blue) show us a strong ascending floor support at fib. level 3/1.
Most importantly, looking at that, looks like this could be the start of a bigger picture elliot wave, and impulsive wave num.3 could start shortly. So the idea would be to go long, and use that support as a reference for our trailing stop loss.
4h and 6h charts (the bigger picture) show the MACD ready for a bullish wave. Also 4h Ichimoku cloud (not shown in this chart) shows a brighter future.
Only concern: RSI is not showing any oversold signals in any timeframe. But, Looking at 1day charts looks like its coming from clearly oversold territory...
Will see how this develops.