TOMCL PROBABLY IN WAVE ' 4 ' OR ' 5 ' - LONGTOMCL is most probably in wave 4 or 5
Our preferred wave count suggests that lesser wave 4 has finished and wave 5 have started which might take price toward 70 plus.
Alternately, we might still be in wave 4 which will further extend downwards taking price toward support zone 53.50 - 47.50.
We will trade this setup with cautious and will try to buy 50% at 57 - 59 level targeting only 62 - 64 level. In case our wave count is incorrect and wave 4 extends, we will try and add 50% more positions around 50 - 47.50 targeting same 62 - 64 levels.
Now the calculated target do suggest the price can go towards 70 and above but we do not want to stick in this trade for long.
Trade Setup:
Entry level:
(50%) 57 - 59 level
(50%) 50 - 47.50 level
Stop loss: We will hold incase we get stuck in this trade
Target:
T1: 62
T2: 64
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.
