Im looking for new forming Inverted pattern.
Now we are looking at Log Chart, to see Downtrend resistance which we just break in Linear chart, but it seems doesn't break in Log chart! So I started to dig more, to understand wave structure, and possible next movement.
Elliot Waves analysis:
Now we in 5 subwave of (1) wave, (1) is not completed yet, estimated wave 5 target is 12100-13360 zone. From this zone, we should wait for retracing in correction (to complete bigger wave (1)-(2)).
On chart i showed the possible wave (2) retracement area, so be ready for this levels 10600 down to 7700 levels.
IMPORTANT PROPERTIES of Second waves:
Second waves often retrace so much of wave one that most of the profits gained up to that time are eroded away by the time it ends. At this point, investors are thoroughly convinced that bear market is back to stay. Second waves often end on very low and , indicating a drying up of selling pressure.
So what to do?
1. Sell part at top of wave 5.
2. Buy partially at levels near wave 3-4 (right shoulder), and if going lower, buy the rest.
3. HODL whole (3) wave.
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Stay tuned, Artem Shevelev
Take Profit 1: 10100
Take Profit 2: 9500
Stop Loss: 11197