Lovely and straight forward setup presented by CJ. A textbook 5 wave impulse up followed
by the first half of a possible 3 wave corrective structure. In the process of correction,
price has formed a bearish symmetrical triangle as per wave count. Therefore making it
a continuation pattern. I will be looking to trade the C leg of the corrective structure
provided entry confirmation is made available by means of break and retest.
TP set at 77.450 and another one at 75.800. The second TP is a bonus, should price decide
to head to 100% of wave A, which is highly possible.
Do let me know down in the comments if you enjoyed this post, and or if you would like to share your
views, I would highly appreciate it.
by the first half of a possible 3 wave corrective structure. In the process of correction,
price has formed a bearish symmetrical triangle as per wave count. Therefore making it
a continuation pattern. I will be looking to trade the C leg of the corrective structure
provided entry confirmation is made available by means of break and retest.
TP set at 77.450 and another one at 75.800. The second TP is a bonus, should price decide
to head to 100% of wave A, which is highly possible.
Do let me know down in the comments if you enjoyed this post, and or if you would like to share your
views, I would highly appreciate it.
Trade active
Note
Development, SL moved to break even
Note
Trade closed, price reversed and has stopped me out at break even point.
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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.