Looks like an Elliot wave formation. Elliots are theoretical but do provide some guidance.
We are currently in wave 3 and climbing. I am trading with a stop loss of around 7%.
Exit at red levels, enter at green levels.
All other indicators are good. Fundamentals also good :-)
Let me know if you have suggestions. Good luck.
We are currently in wave 3 and climbing. I am trading with a stop loss of around 7%.
Exit at red levels, enter at green levels.
All other indicators are good. Fundamentals also good :-)
Let me know if you have suggestions. Good luck.
Trade closed: stop reached
Comment:
Goes to show that Elliot forecasts should be taken with a grain of salt. They can be very useful, especially in established markets. But this one seems like the bulls have retired for now. I will reenter only once there has been an established uptrend again.