Possible SHORT on breakout of structure + FLAG pattern
It seems we have a very high probability of a SHORT on the breakout of structure which has formed a FLAT pattern. MACD shows probable move downwards with RSI and Stochastic showing probable pending move downwards. Elliott wave count seems to suggest this is the last leg of an ABCDE triangle, where we are currently midway through wave E (Bearish). I'm of the opinion that the first target will arrive at the 1st box, however it is either probable that wave E will fail to then strongly reverse trent to complete a wave 5 on the minor period upwards. However if it doesn't, the wave E should run all the way to the bottom of the triangle trendline for preparation on a LONG for wave 5.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
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.