Im trying to illustrate this Elliot Wave's analysis as simple as possible and as clear as it can get.
The explanation is simple:
Price is currently showing rejection at a key resistance area and it matches to be impulsive wave 3 with its 5th sub-wave having already ended.
The projection is for the market to create the corrective wave (iv).
- Short term sells could be made
After corrective wave (iv) in the form of an ABC Structure, price would ideally test a major swing support level.
- At this support level, buying orders would be the right step according to this long theory.
I hope i've made myself clear.
Comment your thoughts, give this a thumbs up
FOLLOW FOR MORE!
Best of luck
Felipe
The explanation is simple:
Price is currently showing rejection at a key resistance area and it matches to be impulsive wave 3 with its 5th sub-wave having already ended.
The projection is for the market to create the corrective wave (iv).
- Short term sells could be made
After corrective wave (iv) in the form of an ABC Structure, price would ideally test a major swing support level.
- At this support level, buying orders would be the right step according to this long theory.
I hope i've made myself clear.
Comment your thoughts, give this a thumbs up
FOLLOW FOR MORE!
Best of luck
Felipe
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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.