Looks to be a completed wave 1 with wave 2 correction completing giving a buy setup t ride wave 3. Im bearish on the higher time frame so this could also be a zig zag correction with another 5 wave up to complete pattern so both bullish possibilities on this time frame...
taking a short position here and will look to go long at target if it plays out...
Trend line looks to be breaking and price has bounced off .786% retracement.
A flat correction could be complete here and will be looking on low time frames for long set-up...
potential zig zag. 5 waves up and corrective 3 wave down. looking for small correction to enter long and ride 5 wave to target.
Im taking short position if yellow trend line is broken. risk reward only 2 to 1 on this.
A while back I was of the opinion that wave 2 had completed as a running flat. Now im looking at the price rejection from 54.87. This is a 1.236 retracement of the W leg marked on chart. Expanding flat (3-3-5) patterns turn at this point. The X leg also completes nicely at this level. Im now looking to play the short side which if correct will decline in a 5 wave...
Looking to take short position when/if the low of the last 4 hr candle is broken. Trend line broken and price retesting high under the trend line with large divergence on the MACD. Trade is 3 to 1 risk reward target at a 38.2% re-tracement of this last bullish leg up.
looking for a long entry then watching target level for short
Taken 1 position (smallest possible) Now and will add on a pull back. Risk reward only 2-1.