CGH | Elliott Wave Projection - Correction ABC Ending?Price action and chart pattern trading
> Elliott Wave projection - uptrend wave 1 - 3 Expanded Leading Diagonal type - wave 4 would overlap wave 1 position.
> Wave 3 extension - LEADING DIAGONAL - 2.0 of wave 1
> corrective ABC - wave A - impulse leading diagonal retraced 0.5 of wave 3
> wave B - zigzag family 0.618 of wave A
> wave C - impulse ending diagonal currently retraced in range of 0.786 - 1.0 of wave A
> Primary Wave 4 is currently in the range and already overlapped Wave 1 coming to the end.
Trading Setup:
> Entry at BREAKOUT downtrend line minor wave ii and iv
> Target wave 1 reversal 0.618 - 0.786 of previous wave B position.
> Stoploss at the lowest of wave C position
> RRR: 3:1 for medium-term trade
Note: The expanding/contracting leading diagonal concept is not Elliott's original work but appears in enough incidents that convince us of its existence and validity.
Always trade with affordable risk and respect your stop-loss.
