I measured impulse by placing 0.236 right below ABCs and got 0.618 resisting at top, right where it went bearish and as we can see previous supports. Take profits are at -0.27 and -0.618
I used two Trend-Based Fib Extension (triangles) to confirm areas
- first red triangle confirms ABCs area with 1.618 at 0.236
- second blue trangle confirms -0.27 (first TP) with 1.414 - 1.618 area around -0.27
Also MACD shows divergence which confirms bearish impulse.
Good Trading. -15min Chart
I used two Trend-Based Fib Extension (triangles) to confirm areas
- first red triangle confirms ABCs area with 1.618 at 0.236
- second blue trangle confirms -0.27 (first TP) with 1.414 - 1.618 area around -0.27
Also MACD shows divergence which confirms bearish impulse.
Good Trading. -15min Chart
Note
We can see how flag consolidated, went bearish for that 1.272 and formed a pullback back to 0.236I used Fibonacci to measure pullback a little different, start measuring from -0.618 all the way to 0.618 and you'll get a whole, which means pullback has to be inside both 0.382, and as we can see pullback consolidated exactly inside that area making a retest exactly at 0.786!.
On MACD there's no retest, which confirms divergence for bearish impulse, so at this point I expect to sell
Good Trading- 15min Chart
Note
Retracement became an Elliott Impulse - 15min ChartGood Trading.
Note
Update on Elliott ImpulsePossible 2618 trade and bearish continuation.
Good Trading. - 15min Chart
Note
2618 technique- double floor
- follow impulse with fibonacci
- wait for retracement at 0-618
- completion at -0.618 where previous -0.27 is
Good Trading. 15 min Chart
Note
2618 on 5 min!we can see how impulse formed an Ending Diagonal
- 5 clear points
- point 1 and 4 at same price
- 0-1 same distance as 4-5
- retest at previous resistance
Now I expect to sell towards 0.618 and buy all the way yo previous resistance
Good trading - 5min Chart
Note
We can see how news reacted, but price came back to 0.618area for 2618Good Trading. -5min Chart
Note
Jumped at area, back to previous resistanceGood Trading. 5min Chart
Note
2618 has been completed.Good Trading. -5min Chart
Note
As I expected 2618 made perfect resistance at top and confirmed bearish continuationGood Trading. -15min Chart
Note
Possible ABC pattern or some type of consolidationGood Trading. 15 min Chart
Note
Sell ABCsGood Trading. -15min Chart
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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.