If price breaks previous day high I am going long at 29500.
This is a classic Elliott Wave ABC correction setup that has some loose path lines if this plays out. Those are not to be followed blindly.
I got this idea from the CMT prep for TA from Wiley. Considering the gravitation back to the 50MA and the volume profile, we may not see a clear double bottom form here. Rather, I think we could see this Bear Market Truncation coined by the CMT author.
This is just one possibility, and based largely on intuition that I've cukninsted over years of market exposure. Do your own research as always, and happy hunting.
This is a classic Elliott Wave ABC correction setup that has some loose path lines if this plays out. Those are not to be followed blindly.
I got this idea from the CMT prep for TA from Wiley. Considering the gravitation back to the 50MA and the volume profile, we may not see a clear double bottom form here. Rather, I think we could see this Bear Market Truncation coined by the CMT author.
This is just one possibility, and based largely on intuition that I've cukninsted over years of market exposure. Do your own research as always, and happy hunting.
Note
I should add that the Risk to Reward Ratio is 0.12 if the target at C is reached without stopping out. That's about as good as it gets.
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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.