the last leg down up was recovered by 62%. a typical 3 wave move (wave B of ABC) would bring us back to around 62% of the full downward movement or around the area of minor wave 4 of A. That would lead us to a recovery target of 16400, which coincides with the hourly SMA 200. to trade this setup, look for signs of reversal after a possible already running wave b of B and place a trailing stop loss below your entry to see if it rides up or reverses again at the target level. Alternatively, place a limit order around 8000 USD and hope for a wave C down to catch it.
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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.