The ending diagonal got a little longer but the bull trend that I called in my last post is still there to come.I hope that you used confirmation signal which would have stopped you from taking loss. Note that wave 1 , 3 and 5 in the ending diagonal of the expanded flat are equal in size , telling either the down move is over or very little to be over.
The support is at 1175 and the target for bulls is 1230 making the trade about 1:4 loss to profit ratio. Notice that last bullish move (w) took about 9 trading days to complete, I am expecting same amount of time for the proposed bullish run , so I would stay away from taking small profits.
Its is important to wait for confirmation signal to occur; which in our case is the support line encompassing the ending diagonal.
Thanks.
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ELLIOTTWAVEGREEN
The support is at 1175 and the target for bulls is 1230 making the trade about 1:4 loss to profit ratio. Notice that last bullish move (w) took about 9 trading days to complete, I am expecting same amount of time for the proposed bullish run , so I would stay away from taking small profits.
Its is important to wait for confirmation signal to occur; which in our case is the support line encompassing the ending diagonal.
Thanks.
PLEASE HIT LIKE , SHARE AND FOLLOW
ELLIOTTWAVEGREEN
Trade active
Trade closed manually
Comment:
price action is not following , so closed the trade with minute profit.