The video idea for this chart is linked below. The current thesis is that minor wave ii has recently completed, confirmed by a retest and rejection of the previous key level at 81,222. Additionally, a brief touch of the 0.618 retracement level supports this view, along with the overall wave structure, suggesting that wave ii is complete and we are now in the early stages of wave iii to the downside.
This third wave may start off slowly due to initial market uncertainty, but as sentiment clears, price action typically aligns with the dominant trend—which, in this case, is down.
While it may be a bit premature to lower the stop until we break below 75,786 (the start of Wave E), that level is quite far, and it may be more prudent to keep the stop at recent highs for now. Ultimately, your stop placement should reflect your comfort level with the wave count and risk tolerance.
If the analysis holds, the rejection at 81,222 becomes a logical stop-loss level for a fresh short position. The target remains unchanged at 61,000.
This third wave may start off slowly due to initial market uncertainty, but as sentiment clears, price action typically aligns with the dominant trend—which, in this case, is down.
While it may be a bit premature to lower the stop until we break below 75,786 (the start of Wave E), that level is quite far, and it may be more prudent to keep the stop at recent highs for now. Ultimately, your stop placement should reflect your comfort level with the wave count and risk tolerance.
If the analysis holds, the rejection at 81,222 becomes a logical stop-loss level for a fresh short position. The target remains unchanged at 61,000.
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Related publications
Disclaimer
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Claim Your Free AriasWave Access:
Sign up to Phemex using this link: phemex.com/a/k/AriasWave
or
Sign up to MEXC using this link: promote.mexc.com/a/MTYtE94r
More info at ariaswave.com
Sign up to Phemex using this link: phemex.com/a/k/AriasWave
or
Sign up to MEXC using this link: promote.mexc.com/a/MTYtE94r
More info at ariaswave.com
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.