Will be looking at long positions for instrument for the following reason.
• It is approaching a point of Major support in the ranging pattern looking back 3 months.
• This is a long-term long swing for me looking forward at least 2-3 months, but it might happen sooner with the recent volatility in the market.
• Looking to catch a long trade of the rejection from the support zone.
o I would need to zoom in to get a better entry point, once price rejects from the support zone.
• Also, I have been studying the Elliott wave patterns, and the 5th wave is usually the point of a major trend reversal.
• Also, there is the formation of the falling wedge pattern which adds to the confirmation of a bullish reversal.
Of course this is purely a technical approach.
**This is just my trading thought process and does not constitute as financial advice.
**Please trade with proper risk management**
• It is approaching a point of Major support in the ranging pattern looking back 3 months.
• This is a long-term long swing for me looking forward at least 2-3 months, but it might happen sooner with the recent volatility in the market.
• Looking to catch a long trade of the rejection from the support zone.
o I would need to zoom in to get a better entry point, once price rejects from the support zone.
• Also, I have been studying the Elliott wave patterns, and the 5th wave is usually the point of a major trend reversal.
• Also, there is the formation of the falling wedge pattern which adds to the confirmation of a bullish reversal.
Of course this is purely a technical approach.
**This is just my trading thought process and does not constitute as financial advice.
**Please trade with proper risk management**