so based on elliot wave we are in wave 4 of wave 3 looking to trade wave 5, also following bullish market structure
currently waiting for wave 4 to finish its retracement which is symmetrical triangle on the 4h, looking for price to go and hit the 0.382 fib level matched with s/r zone, showing a lose of momentum and price action ( long wick candlestick, a hammer, color change candlestick) and a strong spike to the upside that will indicate the end of the corrective wave and an entry on smaller timeframe
entry= i look for new structure on 1h (higher high and high low) after the break of the structure imma scale down to 15m chart and that would be my entry after an engulfing candlestick nd ema's crossover
stops bellow wave E of 4
target is 100 fib extension of wave 1/2
currently waiting for wave 4 to finish its retracement which is symmetrical triangle on the 4h, looking for price to go and hit the 0.382 fib level matched with s/r zone, showing a lose of momentum and price action ( long wick candlestick, a hammer, color change candlestick) and a strong spike to the upside that will indicate the end of the corrective wave and an entry on smaller timeframe
entry= i look for new structure on 1h (higher high and high low) after the break of the structure imma scale down to 15m chart and that would be my entry after an engulfing candlestick nd ema's crossover
stops bellow wave E of 4
target is 100 fib extension of wave 1/2
Trade closed: target reached