We are assuming a major ABC move up (blue) with C having 5 waves (green). We appear to be done with the 3rd wave and need to correct for the 4th wave before going up. Since wave 2 had a shallow correction (0.236 Fib), I'm expecting deeper correction of wave 4 (0.618 Fib). Note that we may get support at 100 Day EMA or 0.382 Fib around $140+
For a bearish view, C can only have 3 waves and we may have topped out at $153, confirmation is below wave 1 top ($126)
Either-ways, there is an opportunity for a small SHORT trade with a stop loss at recent high ($153), the current idea gives a Risk:Reward as 1:4.5 and 1:2.5 in case we bounce at 0.382 Fib
If we get support at 0.618 Fib level, I plan to go Long
Take Care. All the best
For a bearish view, C can only have 3 waves and we may have topped out at $153, confirmation is below wave 1 top ($126)
Either-ways, there is an opportunity for a small SHORT trade with a stop loss at recent high ($153), the current idea gives a Risk:Reward as 1:4.5 and 1:2.5 in case we bounce at 0.382 Fib
If we get support at 0.618 Fib level, I plan to go Long
Take Care. All the best
Follow me for more updates
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twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
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.
Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
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.