Deutsche Post Dax30 Inverse Head and Shoulders 1h. EW Cycle
Updated
Stock looks like it's finishing wave 1 of wave 3 of a higher degree wave 3, possibly forming and finishing an inverse head and shoulders formation with the start of the third of the third of the third (wave).
Comment
So far so good. Looking for an entry at the .5Comment
Went higher than expected. Still looking for an entry on retracement, waiting and observing how the retracement takes shape.Comment
Looks like we might just be in the 4th wave of the third, taking the form of a triangle. slight divergence in the rsi on the 1h chart. Possibility for a long position is there, I won't take that one though
Comment
Well, no entry here for me. I'm having difficulty getting a clear picture. I prefer the count belowwith an extended 5. That would make the correction were shallow (it did hold the median line beautifully though) and the last part looks like it might be a leading diagonal. Too many low probabilty patterns for me to trade of.
The depth of the correction would fit a wave 4 better making the diagonal rather an ending one. If we get a bigger correction here I'd look for a different count to support it, otherwise I'll be looking for different trades
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