SPWL PROBABLY IN WAVE '' C '' OR " 3 " - LONGSPWL is most probably in wave C or 3
Our preferred wave count suggests that we are in wave C or 3 which will take price toward 13.50 or 15.25.
If this unfolds as wave C, then price will retest the below orange trendline support (11.80 - 11.60 area) giving an excellent opportunity for long position targeting 13.50 area.
On the other hand if this unfolds as wave 3 then its very unlikely that prices will go down toward the buy zone, instead prices will rise directly targeting 15.25 area (the rise should be a sharp one)
Alternate wave count suggest that wave 4 (marked in red) has just completed and wave 5 has started which will take price down towards 9.70 and lower.
We will take trade if price touches the below orange trendline (11.80 - 11.60 area) or once the price break above 13 level.
Trade Setup:
Entry level: 11.80 - 11.60 or 13
Stop loss: 11.45
Target:
13.50 (if price go down toward 11.80 - 11.60)
15.25 (if price rise directly breaking above 13)
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
