We can see that there is some divergence from wave 3 to 5 of WAVE 3 . This shows that a short is in play. As Ellioticians, we look at WAVE 4 to not go beyond 38% of WAVE 3. Once WAVE 4 is completed I will be looking to buy this market for its final push to the upside before it comes back down.Be very careful when trading this, as corrections are risky to trade. If you do trade corrections, always trade the final C wave only.
I look it as Wave A to be a sign that it wants to go down. Wave B gives the possible entry and stop loss as well as TP. Wave C is where you should trade it. However, the market is on bullish trend as Major market levels have been broken. In my opinion, the trend is your friend till the very end till it bends. The overall trend is bullish, I will be looking to buy the market instead of selling this correction. Remember, its only correcting to go back up for one last push.
Please do not consider this as a signal.
Capital preservation is important.
Trade responsibly.
I look it as Wave A to be a sign that it wants to go down. Wave B gives the possible entry and stop loss as well as TP. Wave C is where you should trade it. However, the market is on bullish trend as Major market levels have been broken. In my opinion, the trend is your friend till the very end till it bends. The overall trend is bullish, I will be looking to buy the market instead of selling this correction. Remember, its only correcting to go back up for one last push.
Please do not consider this as a signal.
Capital preservation is important.
Trade responsibly.
If the market continues going down even more we could possbily starting a wave to the downside possibly and wave 2 or wave b