The primary scenario is playing out and we reached the wave X area. There are several indications that a downward reversal is near.
The primary scenario is playing out and we reached the wave X area. There are several indications that a downward reversal is near.
The primary scenario (in green) assumes more upside in a corrective pattern to finish wave X. The secondary scenario (in red) assumes that we will get an ABC correction and therefore we need another leg down (wave ((v))) to finish wave A.
In the higher timeframe, investors should wait for the next pullback to buy again. We are approaching the first relevant areas.
In the higher timeframe, investors should wait for the next pullback to buy again. We are approaching the first relevant areas.
UK100 / 4H Hello traders, welcome back to another market breakdown. FTSE is rallying back again above an old high which can be a run for stops. I'll be looking for more confirmation with a clean invalidation if it comes back bellow the Mid. Checkout the chart for the levels and my trigger plan for a swing trade. Trade safely, Trader Leo.
The wave ((b)) of the abc correction might be finished. We are in the areas where wave c, wave (y), and wave ((b)) should end. From here we can expect a reversal.
The wave ((b)) of the abc correction might be finished. We are in the areas where wave c, wave (y), and wave ((b)) should end. From here we can expect a reversal.
The wave ((b)) of the abc correction might be finished. We are in the areas where wave c, wave (y), and wave ((b)) should end. From here we can expect a reversal.
More downside is expected as an abc correction to finish wave c, wave (y) and ((b)). From there we go long again.
More downside is expected as an abc correction to finish wave (y) and ((b)). From there we go long again. However, if the current wave (x) high does not hold, another short can be initiated.
In the higher timeframe, we are still bearish but currently doing a correction to the upside. For traders, a good short opportunity is coming. Investors should wait for the next pullback to buy again.
Let's look back at the past trading week and learn from it. What went well? What could be better?
As proposed yesterday, we sold the wave (x). If the current high does not hold, another short can be initiated. We now wait for more downside. Next step is to buy wave (y) and ((b)).
We are somewhere in between and we have to wait for more upside or downside before entering a trade. In case of more upside, the wave (x) can be sold. In case of more downside, the wave ((b)) can be bought.
We are somewhere in between and we have to wait for more upside or downside before entering a trade. In case of more upside, the wave (x) can be sold. In case of more downside, the wave ((b)) can be bought.
We are now somewhere in between and we have to wait for a bit more upside or downside before entering a trade. In case of a bit more upside, the wave (x) can be sold. In case of a bit more downside, the wave ((b)) can be bought.
We believe the wave ((b)) to the downside can be finished. If not, it becomes the next buying opportunity. A wave ((c)) to the upside should follow.