CBG | Leading Diagonal Wave IV Projection Cycle
Price action and chart pattern trading setup - Entry at descending triangle breakout
> Wave Projection based on the weekly timeframe - the leading diagonal wave IV zigzag family is in the range 0.382-0.5 retracement of W.III slightly overlapped W.I
> Wave III extended 1.618 of W.I exactly and W.V is estimated at 1.618 - 2.0 of W.IV at 192 - 215 baht.
> 1st target medium term trade target at 0.786 - 1.0 retracement of W.III +30% upside
> Stoploss at the lowest point of W.IV - downside -12%
> Risk reward ratio 2.5:1
The contracting/expanding diagonal concept is not Elliott's original work but with enough incidence today, some of us are convinced of its validity.
> Wave Projection based on the weekly timeframe - the leading diagonal wave IV zigzag family is in the range 0.382-0.5 retracement of W.III slightly overlapped W.I
> Wave III extended 1.618 of W.I exactly and W.V is estimated at 1.618 - 2.0 of W.IV at 192 - 215 baht.
> 1st target medium term trade target at 0.786 - 1.0 retracement of W.III +30% upside
> Stoploss at the lowest point of W.IV - downside -12%
> Risk reward ratio 2.5:1
The contracting/expanding diagonal concept is not Elliott's original work but with enough incidence today, some of us are convinced of its validity.