Classical Elliot wave patterm - wave C of the possible expanding flat correction. - Impulse and retracement (ABC) to form wave 2 between 78 -88% fib retracement - a bat pattern as well
Possible harmonic pattern Demand below liquidity point 78.6% fib retracement. Very good RR
- Right shoulder - wave e of expanding wedge - Fib retracement 61.8% - at 1hr supply. - All confluences support, the decision to go short.
- Supply - 78,6 - 88,2 fib levels - ABC equal legs - targeting equal legs - all above confluences makes this a high probability trade.
Wave e of a triangle B - 78,6% fib - Supply those confluences support this bias
Corrective waves on the bigger degree - wave 1 of wave A of wave Y has started with explosive impulse. - Pullback is on with 61,8% fib level being touched already. - However, price action looks like another low will be a possibility, thus looking at 78,6% fib level. - go long and good luck - RR approximately 5
- Supply - 2 waves pullback, ended with an expanded diagonal - 3,3 Risk reward ratio
Impulse Three waves pullback at 88% fib confluence with order block.
Price has to break the trendline. ABC equal legs target
- Big impulse up (900 pips) - WXY correction final leg dow i.e. wave c of Y. - Equal legs target ie. W = Y and a = c of wave Y - 88.2% of fib retracement level - Bullish bat - Demand zone. - With all confluence expected market still has own mind therefore control risk.
After a rebound a clear impulse formed -AB = CD pattern is anticipated ( ABC pullback from EWP) - Equal legs pattern aligns with a demand zone, and 78.6% fib as there is also a possible harmonic pattern forming - that makes it a high probability due to confluence. - Entry at 51.77 SL below the previous low Targeting 59,62 - Apply strict risk management due to...
- Leg A completed - ABC equal legs complete (AB = CD) - now anticipate Leg C which is approximately 1200 pips
A Leg on the fifth wave Then expecting a move to about 50% of A leg
- Trend is bullish - Leading diagonal (Wave A) completed, and small expanding flat (wave B) also completed. - Impulse up complete now waiting for the third leg down to confirm. - Also, a possible head and shoulder neckline retest