The short setup suggested in the last post failed. The market moved straight up for what looks to be W.C of the suggested Triangle pattern .
As of now it looks like we are in corrective W.4 of W.(C) of this pattern.
Strategy : We wait for the completion of W.(C) to the upside in the white resistance zone . Once the same is complete we will look for reversal signs to initiate shorts.
As of now it looks like we are in corrective W.4 of W.(C) of this pattern.
Strategy : We wait for the completion of W.(C) to the upside in the white resistance zone . Once the same is complete we will look for reversal signs to initiate shorts.
Note
15 min. : W.4 either complete as a Running Flat or continuing as a Triangle, in either case expecting one leg up for W.5 and then a down move. Note
1H : Sharp upmove suggesting the possibility that the upmove may be an Impulse rather then a W.C of Triangle, we need a break above 2818 for the same, untill then existing longs should book partial and trail remaining. Note
15 min. : Looks like a Running Flat for W.b/ii : Note
1H : Expecting move up for W.x/iv : Note
4H : It seems we have just completed a W.x/b/i whichever the wave it may be a pullback is expected from here, hence longs can be added on a move outside the channel with SL a bit lower then the current swing low : Note
15 min. : So far so good, looks like we have a corrective pattern to the upside : Note
15 min. : Could be W.ii complete and W.iii down for impulse or a corrective continuation for W.x.
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Unmatched 80% plus forecast accuracy for 6 years : 50eyes.com/forecast-accuracy/
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
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.