Hi traders
Hope you are having a profitable week.
Please see this beautiful Elliot wave scenario we are anticipating.
We are coming to the end of the impulsive wave 3 and we are expecting to see a retracement which will form wave 4. For this set up up we will need to see price retrace to at least one of key Fibonacci levels and then show exhaustion and rejection. We would then start looking for signs to get in on the next impulsive wave labelled number 5.
Price is starting to show some exhaustion at this structure level and we will not be taking any position until we see a successful break of the ascending trend line. We may enter on the break if it is extremely aggressive however it is definitely safe to anticipate a double top before the impulsive move away.
Please as always let me know in the comments your thoughts on this set up?
Would you like to see some educational posts on Elliot wave?
As always trade safely and thanks for showing me some support!
The Fx Chartist
Hope you are having a profitable week.
Please see this beautiful Elliot wave scenario we are anticipating.
We are coming to the end of the impulsive wave 3 and we are expecting to see a retracement which will form wave 4. For this set up up we will need to see price retrace to at least one of key Fibonacci levels and then show exhaustion and rejection. We would then start looking for signs to get in on the next impulsive wave labelled number 5.
Price is starting to show some exhaustion at this structure level and we will not be taking any position until we see a successful break of the ascending trend line. We may enter on the break if it is extremely aggressive however it is definitely safe to anticipate a double top before the impulsive move away.
Please as always let me know in the comments your thoughts on this set up?
Would you like to see some educational posts on Elliot wave?
As always trade safely and thanks for showing me some support!
The Fx Chartist