Overview:
This chart analysis for MEWUSDT highlights key zones for scaling in and out using Fibonacci retracement levels and Elliott Wave principles.
Key Tips:
Identifying Wave 1 and Wave 2:
The initial price spike represents Wave 1.
The corrective decline retracing to the 0.786, in crypto sometimes to 0.88 Fibonacci level marks Wave 2, suggesting a potential buying opportunity.
Scaling In:
Enter positions within the "scaling in" zone around the 0.786 retracement level, which often acts as a strong support in Wave 2.
Scaling Out:
Target profits within the "scaling out" zone, aligned with Fibonacci extension levels (1.0, 1.236, 1.382, 1.5). This area likely represents the peak of Wave 3 or beyond.
Stop Loss:
Place stop losses just below the 0.88 Fibonacci levels to manage downside risk.
Conclusion:
Utilizing Fibonacci levels for scaling in and out, combined with Elliott Wave analysis, can provide structured entry and exit points. Always consider risk management to protect against unexpected market movements.
This chart analysis for MEWUSDT highlights key zones for scaling in and out using Fibonacci retracement levels and Elliott Wave principles.
Key Tips:
Identifying Wave 1 and Wave 2:
The initial price spike represents Wave 1.
The corrective decline retracing to the 0.786, in crypto sometimes to 0.88 Fibonacci level marks Wave 2, suggesting a potential buying opportunity.
Scaling In:
Enter positions within the "scaling in" zone around the 0.786 retracement level, which often acts as a strong support in Wave 2.
Scaling Out:
Target profits within the "scaling out" zone, aligned with Fibonacci extension levels (1.0, 1.236, 1.382, 1.5). This area likely represents the peak of Wave 3 or beyond.
Stop Loss:
Place stop losses just below the 0.88 Fibonacci levels to manage downside risk.
Conclusion:
Utilizing Fibonacci levels for scaling in and out, combined with Elliott Wave analysis, can provide structured entry and exit points. Always consider risk management to protect against unexpected market movements.
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.