TMDX
TMDX is likely heading lower to complete the impulse in the wave C of a running flat. I will start buying within the range $60-70.There are two typical dimensions for the wave C of a flat - wC=wA or times 1,618.
Zooming in the daily/ 4h frame - there is a clear impulsive move down, that is lacking the final wave 5, printing a lower low.
Buying the lower low is more or less safe, and here is why...
If the assumption is not valid - and this is not the wave C of a flat, this impulse is then the wave A of a larger structure. Even so, we will get a deep pullback by 50-62% against this bearish move.
In any case, the most safe entry would be after the bullish 1-2 fractal is printed on H4/ D1. It may take a look of an inverted Head and shoulders pattern, together with the w4 of C of the last move down.
TRADE SAFE
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.