Everything lines up perfectly with Elliot Wave Theory. We have good 2:1 Risk-Reward-Ratio.
We are trading wave 3 so we can still keep a part of our position to trade wave 5. I'll keep you updated
It looks like an impulse wave and we expect 4th wave retracement to 0.382 level Which is a good opportunity to buy and hold to our target @ 229.00.
In case we see deeper retracement it's still good but it will affect our target and our Risk - Reward ratio.
If the price spikes rapidly we don't want to exit at 229.00 but wait for it to see where it goes possibly...
there was a long impulse wave. We are expecting a correction to 0.382 level. It's not the best RRR but it's likely to bounce of the trend line and retrace than making a new low with no bigger retracement at all.