Sell if the price breaks through the calculated support level (see related link). This will confirm a 5-wave move down and therefore a bigger Zigzag (5-3-5) which supports the daily chart.
If not, we will have 3-wave upward move to the near of the top, so buy! The candlesticks could stay in the "Three Stars in the South" formation. (Check the charts below for the big picture)
4H (Wish, but...):
4H (seems to confirm the daily chart, look below):
Daily:
The 5th wave in form of a wedge which could resolve in an upward move to start a correction?
If not, we will have 3-wave upward move to the near of the top, so buy! The candlesticks could stay in the "Three Stars in the South" formation. (Check the charts below for the big picture)
4H (Wish, but...):
4H (seems to confirm the daily chart, look below):
Daily:
The 5th wave in form of a wedge which could resolve in an upward move to start a correction?
Trade closed: target reached:
Good one! Look at the lagging stochastic and rsi. They rested for a long time in the overbought zone! Don't act with these indicators, if you don't have any other confirmation.
If there is an extended 3rd wave in the 5 wave upward, then the main 5 wave is not complete yet. It should go to the price level near the start of wave A down.
If there is an extended 3rd wave in the 5 wave upward, then the main 5 wave is not complete yet. It should go to the price level near the start of wave A down.
