We broke out of the major falling wedge.
This wedge hold true since the beginning of the correction.
I think we will bounce of the $140 lvl and revisit the breakout lvl of the falling wedge.
At around $140 there is a huge resistance and it is typically the case that when you break out of a wedge that the price will retest the breakout price.
As you can see I count this new impulsive move as a one wave of a bigger bullish move.
We completed an ABBCDE correction inside the falling wedge, which indicates that the bullish momentum is indeed a reversal.
How to Trade:
If you want to trade the bigger swings I would advise you to wait for the pullback.
Then when we are back at the Breakout lvl (blue box) see if we bounce or if we break through and fall even further.
If you do fall even more we can at max fall to the purple line or the EW count would not be valid.
In both cases wait until you see a reversal and wait for conformation.
If you find this article helpful show it some love.
The next updates will come over the next couple of hours/days depending on how much I get motivated from your interactions.
This wedge hold true since the beginning of the correction.
I think we will bounce of the $140 lvl and revisit the breakout lvl of the falling wedge.
At around $140 there is a huge resistance and it is typically the case that when you break out of a wedge that the price will retest the breakout price.
As you can see I count this new impulsive move as a one wave of a bigger bullish move.
We completed an ABBCDE correction inside the falling wedge, which indicates that the bullish momentum is indeed a reversal.
How to Trade:
If you want to trade the bigger swings I would advise you to wait for the pullback.
Then when we are back at the Breakout lvl (blue box) see if we bounce or if we break through and fall even further.
If you do fall even more we can at max fall to the purple line or the EW count would not be valid.
In both cases wait until you see a reversal and wait for conformation.
If you find this article helpful show it some love.
The next updates will come over the next couple of hours/days depending on how much I get motivated from your interactions.
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The Short Term Wave Count:
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We just broke out of this bullflag.
That's why I think we still have enough momentum to reack the major resistance.
And this of course means if you want to make a quick trade here you go.
Enter at the breakout of the flag and when you see that the bullish momentum is gone.
I expect this to happen in this orange box.
That's why I think we still have enough momentum to reack the major resistance.
And this of course means if you want to make a quick trade here you go.
Enter at the breakout of the flag and when you see that the bullish momentum is gone.
I expect this to happen in this orange box.
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Here you can see the log scale.
As you can see we never broke through this red trend/support line before.
Generally speaking you should look for entries if you are below the trend line because it is very likely that we go at least back up to this trend line.
As you can see we never broke through this red trend/support line before.
Generally speaking you should look for entries if you are below the trend line because it is very likely that we go at least back up to this trend line.
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As expected we bounced of the orange box:
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Still, everything as expected:
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Count for the future:
