High Probability SHORT on the Daily for a Bullish Butterfly Conf

3 мая 2017 г.

It seems we have a good setup here for 2 trades. The first is a SHORT and the second is a LONG, after the harmonic pattern confirmation.

This seems to be a very high probability trade on the Daily for Twitter Inc, where price action has reached a significant resistance area and point in the structure, at the top of the channel/trendline, where a very high probability of a retracement will occur and a good signal for entry to a SHORT at the breakout of structure.
My elliott wave count currently shows a Wave 5 in progress on the Intermediate period, where Wave 5 exit/target would be at around $9.64. Current position of Wave 5 seems to around the 30% mark, so there is significant profit to be made by SHORTING this stock once the breakout signal is shown by the Price action.

TDI not only shows massively Overbought position, but we have what is no doubt a Sharkfin out of the water with blood around it, signaling a very high probability of a SHORT as well.

In my opinion, there is a good opportunity to Enter into a SHORT on this stock and trade it to the bottom of the Wave 5 Intermediate. Once that is reached, we should have confirmed a Bullish Butterfly Harmonic Pattern, which would then provide a good signal for a LONG entry to trade the Corrective ABC waves.

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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.

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