Apparent Elliot Wave formation. If wave's 2 and 4 actually tested the Fib retrace zones, price target will be above 4k. Also including a chart of the subwaves on 30 minute view which all appear to be valid Elliot waves which leads me to believe that this is a proper wave formation.
EDIT: I mispoke in my comment...wait for wave 3 and 4 on the 30m chart to test the fib zones before going long and determining an actual price point.
EDIT: I mispoke in my comment...wait for wave 3 and 4 on the 30m chart to test the fib zones before going long and determining an actual price point.
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Make sure to set a take profits order just under 4292, and wait to go back into a long position until wave C in the following ABC corrective wave is either confirmed to end or approaches Wave 4.
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Ignore the previous comment...look at the 30m chart and wait for wave 3 to confirm that it is longer than wave 1, then ensure wave 4 tests the fibonacci retracement before setting the take profits order.
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Based on the below trendline and how nicely it is holding as a support thus far, along with how the 1,3, and 5 waves on the 30m chart all have a similar slope, I am very confident that we will see 4.2k before seeing the ABC wave and think it could even happen sooner than the first chart implied.
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Looks like wave 3 on the 30 minute view already hit the retracement line and is starting to decline. Unless wave 5 ends up being a truncated wave we are looking good for our wave 5 price target.
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It's starting to look like wave 4 could be a lot sharper and shorter than projected, as the subwaves for the 30m waves I posted for wave 4 is appearing as if it formed waves A and B
It is looking a lot like it may not test the Fib retracement zone, so be on the lookout for wave of the 30m chart to begin.
It is looking a lot like it may not test the Fib retracement zone, so be on the lookout for wave of the 30m chart to begin.
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Wave 5 to begin and subwave C to end.
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In looking at the short term, I believe I may have miscalculated the end of wave 3 by naively thinking that the ABC wave would form so quickly; Don't let the hope of making a quicker dollar cloud your judgement. Possible that the wave count is off which would invalidate this strategy...going to dig deeper.
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Bart formation definitely throwing off the count, making it hard to tell whether we had an extended wave or not. Regardless looking like wave 5 didn't hit the take profits target and have a good chance of seeing an extended A wave, and a possible extended B and C wave as well.
This is what I believe the count currrently is, but due to the bart formation being confirmed this would increase the risk of entering into a position now as it is likely that these ABC subwaves are part of a greater A wave which would be bad to use as an entry point for a multi-day long position. If using it as a shorter term position it may be a good entry albeit a risky one that hopes that the 12345 wave that is part of the assumed corrective B wave creates enough retracement. At most it may retrace to the .382 line but more realistically will only retrace to .5
This is what I believe the count currrently is, but due to the bart formation being confirmed this would increase the risk of entering into a position now as it is likely that these ABC subwaves are part of a greater A wave which would be bad to use as an entry point for a multi-day long position. If using it as a shorter term position it may be a good entry albeit a risky one that hopes that the 12345 wave that is part of the assumed corrective B wave creates enough retracement. At most it may retrace to the .382 line but more realistically will only retrace to .5
Comment:
fixed the fib retrace zone considering the top of wave 5
