ITEL | Wave Projection | Downtrend Channel Breakout - A-Wave?
Price action and chart pattern trading setup:
> A possible downtrend A-wave reversal zone at the 5-wave uptrend Head & Shoulders target
> Now breakout downtrend 5-wave channel and developing an Inverse Head & Shoulders reversal pattern below SMMA200D zone.
> If breakout successfully, A possible scenario for long entry, we could wait for price to retest its neckline.
> Target zone 1 - 2 - 3 as follows: Inverse H&S SMMA200 zone, bullish channel target, and B-wave targeting 0.5 - 0.618 retracement zone.
> Stoploss at inverse head & shoulders' head - 7 - 8%
> Risk reward ratio: 2:1 / 2.5:1 / 3:1 respectively
Always trade with affordable risk and respect your stoploss, nothing is 100%.
> A possible downtrend A-wave reversal zone at the 5-wave uptrend Head & Shoulders target
> Now breakout downtrend 5-wave channel and developing an Inverse Head & Shoulders reversal pattern below SMMA200D zone.
> If breakout successfully, A possible scenario for long entry, we could wait for price to retest its neckline.
> Target zone 1 - 2 - 3 as follows: Inverse H&S SMMA200 zone, bullish channel target, and B-wave targeting 0.5 - 0.618 retracement zone.
> Stoploss at inverse head & shoulders' head - 7 - 8%
> Risk reward ratio: 2:1 / 2.5:1 / 3:1 respectively
Always trade with affordable risk and respect your stoploss, nothing is 100%.