it seems that 5-waves impulsive phase is about to over and need some kind of correction.
break of horizontal line ( or break of 2-4 trend line) is a trigger for short setup.
but its a corrective phase and is riskier than other setups, so if you are not a risk taker, or if you don't have a clear strategy for trading corrections, don't take the trade.
note the divergence.
break of horizontal line ( or break of 2-4 trend line) is a trigger for short setup.
but its a corrective phase and is riskier than other setups, so if you are not a risk taker, or if you don't have a clear strategy for trading corrections, don't take the trade.
note the divergence.
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it seems that wave 3 has ended and price is going for wave 4. there is no trade setup because of the R/R and corrective phase. i will wait for end of correction to join the wave 5 impulsive move.
Comentarios:
it seems that wave 4 is complete. 38.2 fib is the first target for wave 5. if it has potential for more upside i will move my TP upper.
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this 5th wave of C wave of flat is acting like an ending diagonal. still waiting for long.
so i as this structure develops, i change my counting and 2-4 trend line