I am now under the impression Minutte Wave 4 is now complete, and price action now resides in Minutte Wave 5.
If this trade plays out, I will look towards it as a confirmation of my overall count and current bearish sentiment.
If this trade plays out, I will look towards it as a confirmation of my overall count and current bearish sentiment.
Note
If Minutte Wave 4 is complete. Our Micro Count Invalidation number moves to 27280.Note
Here is a break down of how I think this next week will play out.Price action will probably hit my entry of 27462.39 at least twice. On completion of the final leg down price action will retrace.
I believe Subminette Wave 3 will more than likely be extended (2.618 FIB) given market sentiment, however, the standard Wave 3 measurement is 28172.66 (1.618 FIB).
You can probably keep this position open close to the end of the month, if not, early into next, or, play it safe, TP and avoid funding.
Decision is yours.
Trade Safe.
Chart:
Note
Final numbers. If this trade holds, it becomes validation for this count.Trade active
Note
The new Micro Count Invalidation is 27349. Move stop to in accordance with your risk matrix.Trade closed: stop reached
Click here for a full debrief of this trade.Note
If you don't understand it, I believe a long with 0.5% stop to 28500 is what I consider a medium risk trade from here.
Trade active
Note
Stop moved to break even.Note
Note
Micro Count Invalidation moved to 26693. This actives on completion of Micro Wave 3, at which point stop will be updated to reflect invalidation number + spread.Chart:
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Validated the count on a smaller time frame, and moved the Micro Count invalidation number back to 26533, stop remains at break even.Chart:
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If you are not in, I would jump on the train now...Note
If you are not in here, wait...Note
Last chance for a profitable long in a while...Note
Move stop to Count Invalidation + Spread, on completion of Micro Wave 3.Chart:
Note
Note
Note
I have been on the lower time frames validating the count and have concluded price action now resides in Minutte Wave 3.Chart:[\b]
Note
Ugh, so many complicated corrections. I am pretty sure the bottom is in here, but also think there is one more move down.Chart:
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Stop at Micro Count InvalidationNote
I doubt it is a complicated correction, think it was a double Zig Zag, but I will keep my eye on it, I think that impulse was the next Wave 1.Chart:
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I know if you are in a position based on this TA you are hoping I know something about EWT. I don't know everything, and I could be wrong, in fact, if the bottom is not in, my count is wrong and I need to evaluate my bigger picture. However, I do think the bottom is in, therefore, you can use this as a stop minus your spread.Trade safe.
Chart:
Note
It is looking safer, and safer...Chart:
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There it is... We should break the local top on this move...Chart:
Note
Note
Stop has been moved back to break even.Note
Once we cross the green line, bullish sentiment has been established.Chart:
Note
Note
Bullish Sentiment Established.Chart:
Note
Stop Moved back to Count Invalidation - Spread.Price action looks like it is forming a 1-2, 1-2, indicating an expanded Subminutte Wave 3 is forming.
Chart:
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Topside target: 30367.63Note
Note
Give it one more significant pull back before everyone else works out what we have here...Chart:
Note
Possible Triangle in play, this indicates uncertainty in market sentiment. It will not effect much in the bigger picture other than how long this move takes to play out.Chart:
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No triangle... It was a 1-2, 1-2, of an expanded Wave 3Note
26818 with a 1% stop if you are not inNote
Note
Note
Looks like a Triangle is forming, I will continue to monitor and update a chart shortly. If this is a Triangle, it will be a great opportunity for entry if you are not in, we pop on completion.Note
If this is a Triangle, Wave D has not formed yet so the full thrust can not be established, this is and estimate based on a standard Contracting Triangle.Stop at the local bottom is safe, if we break that number I am wrong, and something else is going on.
I am only providing entry here, it is too soon for me to think about TP targets, or, position close. I need more structure.
Chart:
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Entry: 26710S/L: 26544 - Spread
Chart:
Note
It was a 1-2, 1-2. If you are not in, this is a good place to enter with a stop at 26981 - spread. I will update with a chart shortly.Note
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How does this level of TA only have 18 boosts?Note
Last update here. Top side target is now 30751, which gives PA 3% of movement before my count invalidation numberDo with this information what you will TP, close, move stop, short, ect.
Thank you for following this trade.
Chart:
Trade closed: target reached
There will be one more trade similar to this in this set.Enjoy your profits!
Chart:
Note
I think the top is in if you are still in a long... If the Micro invalidation breaks, there will be one more top.Chart:
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Related publications
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.