In a consolidation triangle looking for a trend continuation as we complete an ABC up to the wave E of the triangle. Target levels & times are the red zone.
I had a quick look at the Indices and I can see a Clear 3-4 Formation. In this video I will draw some wave numbers.
I am not a strict elliotician and this is my FIRST EVER tradingview broadcast so please forgive my mistakes.
Has S&P 500 Completed a Wave 4 Up and Ready for a Wave 5 Down?
I do have a blog if you're interested Just search Immy Yousafzai Forex...
The buy zone is shown by the green box.
If the stop loss is hit, then this count is invalid and there will likely be further downward movement.
The profit target is at $322.50 - This is where wave 5 is equal to 0.618 x (the length of wave 1) + (the end of wave 4).
Disclaimer: This material should not be the basis for making investment decisions, nor be construed...
Profit target = $12120
Stop Loss = $11590
Buy Zone is between $11840 and $11640 (if the price does not fall to this zone, this trade will likely not be worth taking).
The potential gain is between 2% to 3% and the risk is between 1% to 2%.
This is a classic Elliott Wave trading set up. If you have any questions please feel free to message me or comment and I will...
