I have charted based on Elliot's Theory on the Daily timeframe and we are in the Wave 5. If we zoom in to the 4H, we can see the micro Wave 1 and 2 completed and in the early of Wave 3. Elliot's rules were applied in the micro Wave 1 and 2 which gives us very strong confidence this is a Wave 3.
Note
Go Long once there is a bullish candle sitting on top of the 50216 price and TP before 54657. SL 45775Note
The reason for 50216 price entry is the psychological ceiling price of 50k, once there is a bullish candle sitting on top of 50k, we can have strong support.Note
3 white soldiers confirmed, a very bullish candleNote
4H candle will close in 5 minutes, possibility of resistance below orange dotted line and crossing the line after the next 4H candle close.
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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.