Here is a chart for mr Wilson. i think you misunderstood me today and i'll try to explain what i meant earlier..
where you stated that it was a good place to short "right now" i noticed another pattern that i think is similar to an ABC short setup. not entirely by book according to Elliot wave by my interpretation is still here.
now as you se we have 3 peaks where the last two lose force in momentum, peak 2 and 3 have lower histogram reading on the macd. i drew some lines to illustrate this. notice also how the last peak up (3) starts at point 1 of my Fibonacci retracement. after this kind of bar pattern i noticed the setup of price going down to A then up B and then broke A again forming C. it is this formation that i call ABC short, and as such i would like to short it yes.
as you stated on price was exactly there when you mentioned it but i don't think i got my point across. either way i would enter this at the 61 retracement and have a target 1 at the 161 Fibonacci level. it just also happens that this level 161 coincides with another previous resistance zone, arrows and boxes showing this.
where you stated that it was a good place to short "right now" i noticed another pattern that i think is similar to an ABC short setup. not entirely by book according to Elliot wave by my interpretation is still here.
now as you se we have 3 peaks where the last two lose force in momentum, peak 2 and 3 have lower histogram reading on the macd. i drew some lines to illustrate this. notice also how the last peak up (3) starts at point 1 of my Fibonacci retracement. after this kind of bar pattern i noticed the setup of price going down to A then up B and then broke A again forming C. it is this formation that i call ABC short, and as such i would like to short it yes.
as you stated on price was exactly there when you mentioned it but i don't think i got my point across. either way i would enter this at the 61 retracement and have a target 1 at the 161 Fibonacci level. it just also happens that this level 161 coincides with another previous resistance zone, arrows and boxes showing this.