Reasoning:
- Elliot Wave 5 starting
- Falling wedge formed
- TD 9 on 4 hour providing support
- In ascending channel
- MACD bullish cross-over on 1h
Price target $3.3
- Elliot Wave 5 starting
- Falling wedge formed
- TD 9 on 4 hour providing support
- In ascending channel
- MACD bullish cross-over on 1h
Price target $3.3
Trade active
Note
It looks like a descending triangle forming on 1h, with support $2.90. While the risk of the trade does increase a bit, but given it is not formed during a downtrend, I lean towards it being a continuation pattern for more upwards momentum. I have initiated a trade, but if you haven't I suggest waiting it out in case it is a real reversal.Note
Stop loss set at 2.8Trade closed: stop reached
Whoops, plan cancelled due to macro
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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.