Looks like a possible Elliot Correction Wave (ABC) setup.
Enter with bearish confirmation at B. TP is C. SL above 5.
Enter with bearish confirmation at B. TP is C. SL above 5.
Note
Looks like we are approaching B. Going to have to keep an eye on it for the next few hours :)Note
Price is at resistance and still below wave 5. Keeping a lookout for a bearish 1H candle to form.Trade active
Entered at 1H MACD cross downNote
SL = 107.1TP1 = 105.2
TP2 = 104.73
Note
This Wave Analysis is invalid now. I have moved my SL and TP to match the rising channel.
SL = 106.5
TP = 105.3
Trade closed: stop 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.