AAVE trend follow long
- Price broke above weekly zone and broke out thru long term downtrend line. Forming Elliot wave sequence, currently on move 4 out of 5 indicating another potential push to the upside to come.
- Price formed consolidation flag after breakout, retraced to the 50% fib level and is now seeing higher lows being formed. Price retested s/r 38% fib level zone on 1h chart and held above moving averages. Ended with a high volume, bullish hammer showing big players stepping back in on the dip.
Stop loss: Placed below previous low of consolidation and 50% fib level
Take profit: At conflucence of short term and long term fib levels
- Price formed consolidation flag after breakout, retraced to the 50% fib level and is now seeing higher lows being formed. Price retested s/r 38% fib level zone on 1h chart and held above moving averages. Ended with a high volume, bullish hammer showing big players stepping back in on the dip.
Stop loss: Placed below previous low of consolidation and 50% fib level
Take profit: At conflucence of short term and long term fib levels
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.