Targets:
Traders can initiate short positions for the following targets:
2400 - 2376 - 2301 - 2279
BUT DON'T TRADE BLINDLY. Read this following research to get how it is making selling opportunities for the intraday traders.
PEL is forming a double combination pattern on the 4-hour timeframe chart. Price has constructed LL(lower-low) and LH(lower-high) to confirm the bear's existence.
Wave Formations:
Wave (W) is a double zigzag formation with seven wave structures.
Wave (X) is a contracting triangle with five sub-wave structures.
Wave (Y):
Sub-wave wave A & B has occurred, and wave C is progressing.
Sub-wave B has completed at 61.8% Fibonacci retracement of wave A at 2531.
The culmination point of wave C:
Wave C can end at 61.8% of wave A at 2279.
Wave C can cease at 50% of wave A at 2333.
Wave C can conclude at the control line, and 61.8% of wave ((w)) at 2376.
After completion of wave C, the price will start its bull run.
Traders can initiate short positions for the following targets:
2400 - 2376 - 2301 - 2279
BUT DON'T TRADE BLINDLY. Read this following research to get how it is making selling opportunities for the intraday traders.
PEL is forming a double combination pattern on the 4-hour timeframe chart. Price has constructed LL(lower-low) and LH(lower-high) to confirm the bear's existence.
Wave Formations:
Wave (W) is a double zigzag formation with seven wave structures.
Wave (X) is a contracting triangle with five sub-wave structures.
Wave (Y):
Sub-wave wave A & B has occurred, and wave C is progressing.
Sub-wave B has completed at 61.8% Fibonacci retracement of wave A at 2531.
The culmination point of wave C:
Wave C can end at 61.8% of wave A at 2279.
Wave C can cease at 50% of wave A at 2333.
Wave C can conclude at the control line, and 61.8% of wave ((w)) at 2376.
After completion of wave C, the price will start its bull run.
Trade closed: target reached
PEL reached the first target of 2400.Note
2nd TP - 23763rd TP - 2301
4th TP - 2279
All TP Done.
Trade closed: target reached
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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.
Related publications
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.