Following the bearish monthly view, this is my updated count:
For now, going long for corrective moves is quite safe.
For short plan: Wave 5 of 1 is done with all calculations fulfilled. The ideal area to short is as per yellow box due to the previous downswing, however anything above 1302 is technically a selling zone. Stops go above 1347 swing high as per standard EW strat.
For now, going long for corrective moves is quite safe.
For short plan: Wave 5 of 1 is done with all calculations fulfilled. The ideal area to short is as per yellow box due to the previous downswing, however anything above 1302 is technically a selling zone. Stops go above 1347 swing high as per standard EW strat.
Note
New low 1280.xx is considered 1281. 1347 - 1281 = 66 so bulls still have a shot. I'd scalp for longs off a corrective move, usually C wave rather than A wave.
Note
The 1300/02 wicks managed to make an effect on 4H chart so I'm trading this as bear's 4th wave or bull's 3-wave A or W. These 2 counts gives higher odds favouring downtrend. Smaller positions and targets are as attached.
In the mean time looking out for bulls between 1289 and irregular flat A at 1280 fake break.
Note
Nevermind bulls. I just noticed the target dates I put up in my previous post "Potential Triangle on Monthly".Bears could hit this down to 1215-1225 area within this swing to fit the momentum to target date which is only 3 weeks from now.
Note
Update:This is the path I'm trading now right now.
I don't know where the end points are for circle X and Y. E.g. Circle X could easily be irregular flat so will need calculations once they materialise.
Trade active
Building long term shorts now:
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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.