Looking for this downtrend to continue after retesting the 310 breakout area (if taking a short entry here, I'd place my stops above the last high at 340). The bears should have a little picnic around 200 to recharge their tanks before heading for the 90-135 zone where they should go into hibernation.
I've taken a long position with the C point entering my target range of 0.786-0.886 of AB leg (entry at 310.50). A short stop loss is set below point A (306) at which point the pattern would be invalid, and profit target is at the anticipated point D which is set at 0.886 of the XA leg (334).
Something I just found interesting is the very close resemblance between the daily and hourly charts. The movements and maybe even the counts are very similar yet the timeframes are so far apart.
See the hourly chart posted below.
I still feel this has another leg up and am watching the 0.886 fib retracement as a buy zone. Conservative target is 490 while upper target is around 525. Stop loss is below November 1 low.
Acknowledgement - For further information about the 0.886 & 1.414 fibs, see 4xForecaster's tech note in his chart here: www.tradingview.com
Chart is self explanatory. Opened position at 388.20, SL at 378.00 and profit target at 449.00. Risk ratio is 5.96. (I had previously looked at 500 being the upper target but have revised that over the past few days.)
The horizontal rays are showing my S/R levels. I believe we should see leg A run up to the 419 area before correcting back down to 400 support...
I'm currently thinking that 381 was the end of the retracement and we may complete a head and shoulders pattern before heading for our final destination in the 500-520 area.
I'm in long from 385 so will look to add to that at about 400 if this pattern plays out. If not, I will simply add to my position on each pullback.
EDIT (14 Oct - 12pm AEST) - After...
I had closed my long position with a nice win. I'm now thinking this should top out at the Daily 200EMA (currently around 467).
I've just opened a new position at 418 with 406 as my stop and 466 as my profit target.
While I don't know a lot about the Wolfe Waves pattern, I am wondering if it could be possible that we have one developing on the daily time frame. It may be too early to tell and I'm just jumping the gun a little.
I don't think it will become apparent unless we get a point 4 to print on the chart. This will then let us determine the 2-4 line and therefore the...
Looking at the price action over the past 6 months we seem to be in a channel. Last week we touched on the bottom of this channel and now I am looking for it to head back to the top before the final plunge back to the long term base growth line (black line). From here I guess it's off to the moon!!!
Disclaimer: This is all airy-fairy stuff for now. I can barely...
I currently see this as being a corrective move (inside the larger corrective move) from the recent surge. The yellow ABC marks my anticipated correction. Point B reached up to the 50% retracement and is now moving back down to complete the leg.
My target is the 127-141% which, if achieved, would also hit the 38.2% retracement from the first leg up. From there I...
This is an update to my previous 'Bump and Run' chart (link below). I've simply added the magenta upper and lower trend lines along with my new target area around 260-280. I've also relabelled the AB=CD movement.
I'm guessing that as our old support line has now been broken, it will become resistance and push price back down. We've been pretty much sideways in a...