INJ 1D Short AnalysisHey,
Just want to share my idea on whats happening with INJ on the daily chart.
So at the start we can see a clear 1-5 Elliot wave hitting the 2.618 projection where 5th makes a Bearish double top Pattern.
whats next ? ---> ABC....
Right now the price action is after doing a Breakout (Not shown in this chart but if you draw a trendline from 2-4 you will see a 3 touch breakout forming the A wave) is heading back up to retest the breakout and also forming a B wave to the 618 Level or the top of the Terminating channels (Drawn from the top of 3 to the bottom of A).
We Continue and look at our RSI and see Hidden Bullish Divergence which confirms the price is on its way to form a B wave.
Going forward we can also see an incoming 3 touch breakout (trendline from 4-A) which would then reflect on my Magnetic EMA indicator (very bottom one).
Right now I am waiting for the price action to pump up a little bit closer to the top of the trend channel before im going to start looking for short entries.
If it doesnt pump back up then my entries will be at the 3touch breakout.
wheres the TP ? - TP on an ABC are usually between wave 2-3 so in my opinion the safe TF is at the 1.618 at around 4.102$ (35% down) but everything could change when we see more waves.
Lets go !
