IAG top 20 ASX stock found some support and may push up to the $6.50 level....
Looking at current price level this could be a point of completion. 5th wave often complete's at an 61.8 ext of wave 3 and also equal with wave 1. Shorting on risk reward against the current bullish price action...
On the lower time frame an impulse wave has completed giving a long entry. see chart for trade targets and stop
If we get a santa claws rally it could play out as a c wave as shown... low risk entry on divergence with tight stop...
Looking like a 5 impulse that may offer a short entry after correction....
Price has taken shape of an elliot wave expanded flat with the wave formation also turning on the correct Fibonacci ratios.
My current count has price setting up for an extended wave 5.....
Currently favouring the short side until green line broken and zig zag completes. Still has potential to complete as a running flat or even a triangle but as this stage taking short entry on low time frames....
Waiting for price to run up to an e wave of triangle or c wave in a flag. Will be looking for divergence in RSI at these price points for short entry...
5 wave impulse wave followed by 3 wave correction. looking to sell on continuation patterns until another 5 wave structure is complete......