BTU - Head and Shoulders. I normally don’t trade Elliot Waves much but always nice to employ the theory when possible to add confluence and direction. I see a wave 5 ending diagonal to left, followed by a simple ABC correction and ultimately the start of a new 5 wave cycle .. which is usually the sequence order. Correction waves can get complicated, theres a variety of em. I believe we’re in Wave 3 right now.. its the most aggressive wave, the $$ maker. 40% gains since Monday !!!! Thats why its nice to know your wave cycles, you definitely want be in wave 3 ultimately. All impulse waves contain an ABC correction .. I believe well see wave 3 start of that correction @ 8.41 and continue on to final target 9.97 before breaking to 4 corrective wave. Im not a EW guru by any means but im quite sure I nailed this one, thoughts and constructive criticism always appreciated. My EW math lines up with strong pivots to the left as you can see. Wave 3 is a 168.8 and Wave 61.8 which is usually the case more often than not.
Im not here telling you this is the exact play, its for education purposes .. always practice risk management. Let’s see what develops .. I’m curious as hell on this one !! ))
Trade closed: target reached
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.
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.