Long

Deutsche Post Dax30 Inverse Head and Shoulders 1h. EW Cycle

Updated

Stock looks like it's finishing wave 1 of wave 3 of a higher degree wave 3, possibly forming and finishing an inverse head and shoulders formation with the start of the third of the third of the third (wave).

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So far so good. Looking for an entry at the .5

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Went higher than expected. Still looking for an entry on retracement, waiting and observing how the retracement takes shape.

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Looks like we might just be in the 4th wave of the third, taking the form of a triangle. slight divergence in the rsi on the 1h chart. Possibility for a long position is there, I won't take that one though

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Well, no entry here for me. I'm having difficulty getting a clear picture. I prefer the count below

with an extended 5. That would make the correction were shallow (it did hold the median line beautifully though) and the last part looks like it might be a leading diagonal. Too many low probabilty patterns for me to trade of.

The depth of the correction would fit a wave 4 better making the diagonal rather an ending one. If we get a bigger correction here I'd look for a different count to support it, otherwise I'll be looking for different trades

TophatPandaMagician

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