This move up that started in august can play out in two ways:
PREFERED COUNT :
Price finished wave (i) & (ii) and heading higher for a wave (iii) composed of a sub impulsive wave (orange) where price finished also wave i & ii, meaning we are going higher for wave iii of (iii) and price should not break this channel.
*Trade Setup :
Entry : TL or MA break
Stop : below green wave (ii) or just outside the channel
Target 1 : 1260
Target 2 : 1298 (1.618% of wave i)
--------------------------------------------------------------
ALT COUNT :
This move was a zigzag of wave (alt) 4, wich met the minimum requirements to be said complete, in wich case we started a motive wave lower for wave 5.
Price should have no difficulties in this case to break outside the channel and head lower fast as a wave iii.
* Trade Setup :
Short Entry : on channel break
Stop : above wave ii
Target : 1121 (Fib Extension)
PREFERED COUNT :
Price finished wave (i) & (ii) and heading higher for a wave (iii) composed of a sub impulsive wave (orange) where price finished also wave i & ii, meaning we are going higher for wave iii of (iii) and price should not break this channel.
*Trade Setup :
Entry : TL or MA break
Stop : below green wave (ii) or just outside the channel
Target 1 : 1260
Target 2 : 1298 (1.618% of wave i)
--------------------------------------------------------------
ALT COUNT :
This move was a zigzag of wave (alt) 4, wich met the minimum requirements to be said complete, in wich case we started a motive wave lower for wave 5.
Price should have no difficulties in this case to break outside the channel and head lower fast as a wave iii.
* Trade Setup :
Short Entry : on channel break
Stop : above wave ii
Target : 1121 (Fib Extension)
Trade active
Price got rejected by ed TL and went up as expected.Entry @ 1202.
Targets remain unchanged.
Moving Stop to 1197.
Note
Move Stop to break-even & take some profits.Note
Upcoming movesTrade closed: target reached
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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.