this is a follow up to my previous post (look for it on the realted ideas).
If price holds current level and of course doesn't go below the Stop, we could be in for a nice treat as it could then rally above 3550.
My primary count is this WXY pattern but I also have my back up plan in case this one doesn't play out, which is simply a bigger Triangle ...
where price needs to remain above 2950 for it to be valid.
(chart just below)
If price holds current level and of course doesn't go below the Stop, we could be in for a nice treat as it could then rally above 3550.
My primary count is this WXY pattern but I also have my back up plan in case this one doesn't play out, which is simply a bigger Triangle ...
where price needs to remain above 2950 for it to be valid.
(chart just below)
Note
Alternate count : If this one is to play out, it would have very important implications!
If you are a bit familiar with the Elliott Wave Theory, you would know that such Triangle pattern precede the last move of an impulsive wave in this case.
Which means, after this triangle, there would be only one more fifth wave higher left before we see a big correction !!
Certainly more than 20% from the high.
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Related publications
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.