#FTM Possible Elliott scenario
Updated
After touching the range specified in the previous post, it is still moving in a downward channel. At the bottom of the channel, it has gone through a full cycle of correction, which has currently had a full cycle in the form of wave 1 of ascension, and the current correction is a response to the rise from the channel floor to the channel ceiling. The two PRZ zones can complete the wave 2 correction and after that it should witness the exit from the descending channel. But now, if we have confirmation of the continuation of the process, the roof of the channel and the roof of the minor should be broken upwards, so that I can clearly say that the correction of wave 2 is over. Therefore, for the moment, you can act in these two ways for the buying position. Either you have to wait for the second PRZ, or after the break of the ceiling of the channel or the ceiling of the minor supply, it will enter wave 3 or C...
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Note
Scalp...High Risk...
Note
Free Risk...Note
Wait for the approval of the green box to continue the process. Note
Scalp... Reverse Position...High Risk...
Note
For more certainty, the loss limit should be shifted to 0.3606.Note
Now shift the stop to the previous area and after breaking the previous neck line, risk free...Note
It doesn't seem to have a new floor. Ready to escape from the top corner. We can wait until the failure occurs from above and in case of a pullback, we enter a buying position.Note
After exiting the congestion, wait for confirmation in the arrival area to continue.Note
Scalp...High Risk...
Note
The scalp position was filled, but the exact buy position was entered.Note
With a shadow at the entry point, the position is activated which is above the supply range and this pullback correction is broken into the supply area/trail the profit limit to the 0.39 area, the next targets are 41 and 44 cents.Note
Forming a bullish flag...Note
After a fake break breaking the flag pattern towards the targets of 41-43 cents.Note
The target position and profit limit were touched first.Note
It had a three-wave movement that was able to touch exactly 100% of the wave according to the first profit limit. According to the current correction momentum, a three-wave pattern can be seen, which is a good sign for the correction not to continue. Therefore, in the range of 1.272, in case of support and reversal and no breaking of the range, the specified supply area can be touched. Therefore, if the sub-zone and touch zone of the supply are not stabilized, the trend will continue to rise and this wave should be labeled as an accelerated wave C or 3.If the behavior and structure of the post changes, it will be updated and a new post will be provided if needed.
Note
Touch the second profit limit and break the first supply area.Note
It has completed wave C or 3 at the resistance zone. If this wave gets elongated, it can touch the next supply zone. But if in the current zone there is an X-wave downward correction, a further upward correction will complete the next supply zone.Note
The second profit limit has been touched and it is possible to reach the next supply area by breaking the resistance.Note
The next target was the touch supply area. 85% growth from the green box area
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