Looking at Re-Entry - Waiting for the Pivot Looking at Re-Entry, Waiting for the Pivot Signal
The continued downward trend from the previous entry (white circle) and now has the 2nd touch of the support from the bottom of falling wedge pattern. A demark Buy 9 is in play too so expecting some sort of reverse to play out. I haven't drawn it on the chart (as it will be too crowded) but the 0.382 Fibonacci level is at the bottom of the falling wedge too, drawn from the start to the top of the 3rd wave.
Price reversal and pivot from the end of wave 4. Looking to Buy in again.
Waiting for the Pivot Signal
‐--‐-----------
Strategy:
Based on Elliot wave theory, pivot points and classic chart patterns. The 5th wave pivot strategy identifies the last impulse of the Elliot wave sequence. The 5th wave can be equal to the 3rd wave or extend to the 1.618 Fibonacci level.
Entry: A position is taken when a pivot point is reached at the end of the 4th corrective wave and the price reverses. This position is also confirmed by bouncing from the lower bound of a chart pattern or from price support level.
Exit: TP is taken from top of wave 3 or the previous resistance level.
