Possible intermediate wave 5.
Incoming wave 5 of intermediate with a minimum target of 95, but hoping for over 100. Waiting for a break of the top side of the pennant, within wave 4, to initiate trade.
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Hourly view. Must break pennant to the upside.Nota
Trade filled at 85.21.Nota
Fierce selling pressure at previous high; although, I'm fairly confident of the wave count. Also, as wave 2 was a complex correction, wave for "should" be a simple ABC correction. Nota
Current corrective structure. A breakout to the upside of the channel might confirm wave 3 of a lesser degree. A breakout to the downside of the channel might confirm a wave 3 impulse that is likely wave C of the wave 4 corrective pattern on the intermediate or minor level. If that scenario plays out, the corrective structure of wave 4 would probably be a flat correction and the bottom of wave 4 would be in play.Nota
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IMO price action on Friday confirms a continuation of the uptrend. Not a matter of "if", but "when".Nota
Current structure and wave count assumption (time not relevant, only an approximation of price level).Nota
I wasn't expecting the strength in the downside action - it can make one get nervous. I still believe this is a viable trade that will approach 100 even though, technically, my bottom target has been reached. A retracement of 38.2% on the minute wave hasn't been breached, and that is a fairly tame correction regardless of the aggressiveness of the price action. I am assuming at this point that what we are seeing here is an expanded flat correction and that wave 3 of the minute will follow bringing the price to new heights. GLTA.Nota
The wave count has changed. Damaging price action taking place. My new wave count still has the uptrend intact. A move below 85.33, which is what I am considering wave 1 (minor) of wave 5 (intermediate), will invalidate the whole wave count. If this happens then I will have to close my position.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.