Price action and chart pattern trading setup:
> A bullish dragon pattern with an uptrend ABC wave currently making a pullback to the rising channel support at the volume profile point of control
> The price is below key dynamic support SMA200 and SMA50 which is considered a downtrend movement or could just be a false break dump and pump
> Entry @ SMA50 and SMA200...
Price action and chart pattern trading
> Elliott Wave Projection of the primary wave 4 coming to an end of sharp declining DOUBLE ZIGZAG Correction?
> Wave Y coming to 1.236 to 1.618, then Wave 4 would slightly overlap Wave 1 position and expected a possible small sideway breakout consolidation for a buy entry.
> If Wave 4 is coming to the end as described, Wave 5...
TU | Thailand SET Index | Food Sector | Chart Pattern & Price Action Trading
Descending Triangle Breakout with Bearish Tweezer Top Candlestick pattern - Wait for Entry @ Pullback at retest position
Double Bottom & Top
RSI strong bullish signal
MACD about to cross the baseline 0
Trade with affordable risk ratio 3:1
Always respect your stop-loss
Good Luck
DP
TU dropped below EMA50 after previous Head & Shoulders pattern making its way to reset current uptrend wave.
If dropped below 20.5 and possibly going into corrective wave C position at EMA200.
Stop Loss 20.5
- Cycle: non-standard correction abcxabc - currently at Cycle Wave c of the last correction.
- Primary: Expect a minor retracement of wave 4 - areas of support = 19.2, 18.1
Good support (in trend channel, touch SMA 200)
Good chart pattern (Double top:near target)
Good candle stick pattern (reversal pattern)
May this begin 5th wave?
Same investment thesis as the other Bill Williams' analysis on TU; however, with highlighted concerns about other reversal patterns/trade signals in the two boxes outlined in red.
Moving averages were crisscrossing (alligator is 'asleep') before swing trade; moving averages aligned and pointed upwards, setting the stage for a bullish outlook.
