Sell idea H1/H4
I assume a corrective pattern - at its final stage of completion.
Given its wave structure, this is a EW flat:
- wave A - a three-waves correction (zigzag)
- wave B - a complex wave, a double zigzag
- wave C - due to its impulsive trajectory - is a wave C, that terminates the whole structure. Impulse so for is unfolding within a very clear Fibo path.
The final impulse in the wave (c) should be confirmed with the RSI - I expect a rebound from level 50 RSI to the upside (confirms the end of wave iv of (c), and tests the high - forming a divergence, supporting the assumption with the end of wave (c) -> end of a flat.
Need a confirmation, or - as a classical entry for flat patterns - a sell stop at the level of wave iv of (c).
Targets:
Minimum target - hit 90%+ -> 1,382 Fibo level based on the size of the flat (distance covered from its start to the wave (c))
Expanded target - x2 size of the flat (or, alternatively, may me set as 1,618x size of the wave (c))
trade safe!
Given its wave structure, this is a EW flat:
- wave A - a three-waves correction (zigzag)
- wave B - a complex wave, a double zigzag
- wave C - due to its impulsive trajectory - is a wave C, that terminates the whole structure. Impulse so for is unfolding within a very clear Fibo path.
The final impulse in the wave (c) should be confirmed with the RSI - I expect a rebound from level 50 RSI to the upside (confirms the end of wave iv of (c), and tests the high - forming a divergence, supporting the assumption with the end of wave (c) -> end of a flat.
Need a confirmation, or - as a classical entry for flat patterns - a sell stop at the level of wave iv of (c).
Targets:
Minimum target - hit 90%+ -> 1,382 Fibo level based on the size of the flat (distance covered from its start to the wave (c))
Expanded target - x2 size of the flat (or, alternatively, may me set as 1,618x size of the wave (c))
trade safe!
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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.