Careful if long, 6200, 5900 are strong resistance points

Updated

The 5 wave count to 6200 is a bit optimistic, it could also just fail at 5900. It's good that it's testing the top of the range and printing somewhat high volume but overall I am still expecting an attempt to tag the 4400 area is still in the works.

This movement has enough shape to it that we can finally start making approximations of elliot wave counts since the flat zone was too choppy to do anything meaningful. Probably by the end of the day there should be at least one firm count that can be used to project fib extensions on paths that take us out of the range.

Note

Wow, it punched through the top and went parabolic, looking like that would be the 5th wave so expecting a correction soon

Note

I have a script that probably going to fire a long signal pretty soon which would indicate what looks like the A point. I might trade the AB leg long but it will obviously just be a small size scalp since there's probably not much to get.

Note

Have a bnb futures long at 11.89 with break even stop, will take half off at 12.246 and let the rest run to the EOD. I'm not expecting much more from this move but if it wants to blow up a little bit more I'm fine with that.

Note

This is the basic idea for the BNB long trade. I don't have an elliot count that justifies it going further north so I am just letting it run on autopilot and taking whatever it gives.

Note

Current btc count, would expect it to revisit green box at some point

Note

Runner stop got hit at much worse price than initial scale out. Maybe should have taken 25% off when the momentum started to roll off past the prior high.

Note

Was looking at what fib extension explained this particular top and it looks like ignoring the bottom points and just using the tops, that is the 1 and 3 point for the fib body gives an extension that finds the final top using the 1.272

Note

Using the 1 and 3 points also bracketed the 4 wave area using the .5 and .618

Note

Idea for abc

Note

bnb abc done

Note

Looking like btc hasn't finished abc, a bit bearish in short term. May watch for short in red box above.

Note

mljones

Related publications

Expect Orbit Of 5200 Point Of Control For A While

by mljones

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.