Long
MATICUSDT | Wave Projection | 4-Wave Correction - Subwave B?
Price action and chart pattern trading setup
TFD - Elliott wave analysis
> A possible 4-wave correction descending triangle with subwave B breakout expected to retraced 0.618 - 0.786 of subwave A scenario.
> Entry @ breakout triangle after downtrend subwave c completely retraced
> Target @ 5-wave upper resistance zone 1.618 wave 4 extension and 2.618 wave 1 extension + 30-40%
> Risk reward ratio could be 3:1
Indicator: RSI bullish momentum
Always trade with affordable risk and respect your stoploss
TFD - Elliott wave analysis
> A possible 4-wave correction descending triangle with subwave B breakout expected to retraced 0.618 - 0.786 of subwave A scenario.
> Entry @ breakout triangle after downtrend subwave c completely retraced
> Target @ 5-wave upper resistance zone 1.618 wave 4 extension and 2.618 wave 1 extension + 30-40%
> Risk reward ratio could be 3:1
Indicator: RSI bullish momentum
Always trade with affordable risk and respect your stoploss
Trade closed: target reached
Take profit point as expected now - retesting its triangle neckline support at 0.618 retracement and MA200 key support - possible a long entry opportunity for rebound
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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.