FX:SPX500   S&P 500 index of US listed shares
Since 5-6 weeks I became a great fan of Elliott Waves theory.
However i'm pritty new in this. So I would appreciate ctiticism.
Roman digits denote the biggest impulse pattern i've identified( i do not claim i've used the right degree here) The expected end of wave Vth around 2400 is borrowed by AnilMangal.
However we nver know whether the Vth wave is not already completed, since it is now a valid Vth wave.
In the lower degree of encircled arabic digits wave 5 is also valid and also could be completed or continiue..
The potential BUY trade is visible on 4h chart, where there is a start of a correction of the IMPULSE of the degree designated with arabic digits in brackets ()
I would personally take the trade if i consider correction of the impulse on degree () completed around FIB 0.618level! STOP LOSS around 2220 level and target somwhere between 2300-2400 level
Comment:
snapshot
Comment: Placed BUY Limit on 2253.2
still considering little bti higher entry on my real account!
snapshot
Comment: Seems the train is about to leave without me again ..like my USDCAD buy for retracement...
However anything is possible ...see in next 12-14 hours.
happy trading!
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