Elliott Wave Analysis
1. Wave Structure:
Wave (1): Impulse or Leading Diagonal, showcasing a strong upward trend.
Wave (2): A corrective wave, likely following a simple zigzag correction (ABC structure).
Wave (3): Only Impulse, which is a strong move upward, as per Elliott Wave principles, the most extended wave.
Wave (4): Suggests another corrective structure (potential zigzag or flat correction).
Wave (5): Expected continuation, either:
Impulse (continuation of the trend).
Ending Diagonal (weaker trend or exhaustion).
2. Corrections Highlighted:
ABC correction patterns are indicated.
Wave (B) could lead to a further downward Wave (C) correction before a strong upward continuation.
Key Levels:
1. Demand Zones:
Positioned at lower levels for potential reversals. If the price tests these areas, it may provide buy opportunities.
2. Supply Zones:
Marked as resistance areas where the price may reverse or consolidate.
Two Possible Scenarios:
1. Bullish Continuation:
Continuation of a 5-wave impulse move.
Break above supply zones to confirm this scenario.
2. Bearish Correction:
Completion of an ABC corrective structure.
Look for further downside, testing demand zones.
Trade Plan:
1.Buy: Upon confirmation of Wave (4) completion at demand zones.
Entry: Close to the lower demand area.
Target: Midpoint of Wave (5) projection or supply zones.
Stop Loss: Below the demand zone.
2.Sell: If a deeper correction (Wave C) forms before Wave (5).
Entry: After confirmation of resistance at supply zones.
Target: Next demand zone.
1. Wave Structure:
Wave (1): Impulse or Leading Diagonal, showcasing a strong upward trend.
Wave (2): A corrective wave, likely following a simple zigzag correction (ABC structure).
Wave (3): Only Impulse, which is a strong move upward, as per Elliott Wave principles, the most extended wave.
Wave (4): Suggests another corrective structure (potential zigzag or flat correction).
Wave (5): Expected continuation, either:
Impulse (continuation of the trend).
Ending Diagonal (weaker trend or exhaustion).
2. Corrections Highlighted:
ABC correction patterns are indicated.
Wave (B) could lead to a further downward Wave (C) correction before a strong upward continuation.
Key Levels:
1. Demand Zones:
Positioned at lower levels for potential reversals. If the price tests these areas, it may provide buy opportunities.
2. Supply Zones:
Marked as resistance areas where the price may reverse or consolidate.
Two Possible Scenarios:
1. Bullish Continuation:
Continuation of a 5-wave impulse move.
Break above supply zones to confirm this scenario.
2. Bearish Correction:
Completion of an ABC corrective structure.
Look for further downside, testing demand zones.
Trade Plan:
1.Buy: Upon confirmation of Wave (4) completion at demand zones.
Entry: Close to the lower demand area.
Target: Midpoint of Wave (5) projection or supply zones.
Stop Loss: Below the demand zone.
2.Sell: If a deeper correction (Wave C) forms before Wave (5).
Entry: After confirmation of resistance at supply zones.
Target: Next demand zone.
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.
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.