Looking at H1, we have a sharp and fast-moving wave 3, followed by a corrective wave 4
- According to the Elliot wave principle, wave 2 is simple, wave 4 is complex and takes more time, so we are in wave 4.
- I temporarily label the small waves in wave 4 so that we can predict the end of wave 4
- Currently, looking at the price target of wave 4, we have the price range of 2565 - 2562 and the second target price range is the range of 2451 - 2448
- Looking at the structure of wave 4, we have a complex structure consisting of a Flat wave combined with a zigzag structure WXY. Looking at the wave 4 structure, we see that the correction structure may be sufficient and we expect the price to continue to increase according to wave 5
- The correction process of wave 4 is confirmed to be completed when the price breaks out through the 2590.188 zone, then we have the target zones of wave 5 above, which are the 2600 - 2603 zone and the 2616 - 2619 zone
Our trading plan
BUY ZONE: 2565 - 2562
SL: 2555
TP1: 2579
TP2: 2590
TP3: 2600
BUY ZONE: 2451 - 2448
SL: 2441
TP1: 2561
TP2: 2579
TP3: 2590
SELL ZONE: 2600 - 2603
SL: 2700
TP1: 2590
TP2: 2579
TP3: 2565
SELL ZONE: 2616 - 2619
SL: 2716
TP1: 2600
TP2: 2590
TP3: 2579
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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.
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.