Brand new to this just wanted to share my mark ups for the current pair. stoch looks good on the Daily and the news looks like it will drag a little lower to expected region. Im more of a fib guy but i wanted to try something new, please let me know what you guys think.
We will need to see the 30th May candle (25930) to be broken for the bull to continues. Else we have higher chance of going bearish. 25342(most important support) to look for. If broken we might see it going even lower to 24765. We need more confirmation for this chart to determine the direction .
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US30 labeled in a Leading Diagonal within Intermediate (1) (blue), with a bearish sequence expected to start unfolding.Diagonal can still perform one more leg on the up-side, however, a breach of the lower trend-line (blue) would invalidate that scenario.
** stop lose for 1st short is half of 1st target
targets and stop lose are clear on chart
This is not an investment recommendation or any call to buy or sell
It is just an analysis based on a study of the history of price action
Behavior , that may not be a necessarily reason for the success of
the structure or repetition. So please make your decision based...
Zones demonstrate liquidity. Money needs to respond off of these levels in order to fulfill orders. Follow the money. Trade smart. Trade like the banks.
Review 5/12 IMLTV session for further mentorship.
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US30USD - Elliott Wave Outlook
Bearish Swings - Patterns:
Flat Formation in Super-Cycle Wave (IV) (green)
Primary A (red) - Simple ABC Swing
Primary B (red) - Running Flat
Primary C (red) - Bearish Extension
Bullish Swings - Patterns:
Leading Diagonal in...