Looking to long into the completion of the 5th impulse wave of this Elliot Wave Pattern that has been forming. This mornings price action gave me a confirmation that the 4th wave is playing out accordingly.
My bias is that the highest probability entrance for the 5 wave is at the 61.8% retracement from the 3 wave high... looking for support for the 4 wave around 35513...
looking for the 5 wave to find resistance at all time highs which is in confluence with a 61.8% extension from the 3 wave highs... this is a short to mid term play. once all time highs are being approached looking to keep an eye on price action to see if bullish momentum holds up or begins to taper off as sellers step in...
if sellers step into the picture than i am looking for a possible ABC corrective wave pattern.
My bias is that the highest probability entrance for the 5 wave is at the 61.8% retracement from the 3 wave high... looking for support for the 4 wave around 35513...
looking for the 5 wave to find resistance at all time highs which is in confluence with a 61.8% extension from the 3 wave highs... this is a short to mid term play. once all time highs are being approached looking to keep an eye on price action to see if bullish momentum holds up or begins to taper off as sellers step in...
if sellers step into the picture than i am looking for a possible ABC corrective wave pattern.
