One of my favorite set ups, the zig zag, with the right chart we can see this structure matching nicely with stochastics.
Zig Zag, 3 wave corrective structure, stochastics with a double top reversal formation, everything is down from here.
While others are seeing this as a support area, i'm seeing this as a correction area to a continuation down. Do not think of buying to go long here.
Happy Hunting.
Zig Zag, 3 wave corrective structure, stochastics with a double top reversal formation, everything is down from here.
While others are seeing this as a support area, i'm seeing this as a correction area to a continuation down. Do not think of buying to go long here.
Happy Hunting.
Note
About 100 pips profit from the top, if anyone had measured, the Zig Zag had retraced off the 38.2 and continued down, after the first breakout, we should start looking to the impulse waves going down from here.Unfortunately for those going long, there has been no sign of reversal, if you took a long position you fell for another psychological trap of the Zig Zag.
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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.