SQ declines further in a wave (v) with decreasing volume, so that we can look at two specific levels if bulls step back in.
Elliott:
We can count a wave (v) in blue. In the most optimistic long-term EW count, the end of this wave could potentially complete the entire ABC correction since 5 August. The idea is to build long exposure, just in case this EW count is correct.
Geometry:
The .65 fib is marked with the blue box. The 1.618 extension of wave (i) is located here, as well as the 222 Gann level. The pitchfork support is located lower towards 210.
Gann:
Support: 222 and 193
Resistance: 253
How I trade it:
A move above the pitchfork median at 234 would indicate that bulls try to be back in control. An entry above the pitchfork median keeps a potential re-accumulation chop below us, and we protect ourselves from a premature entry that could go wrong.
Elliott:
We can count a wave (v) in blue. In the most optimistic long-term EW count, the end of this wave could potentially complete the entire ABC correction since 5 August. The idea is to build long exposure, just in case this EW count is correct.
Geometry:
The .65 fib is marked with the blue box. The 1.618 extension of wave (i) is located here, as well as the 222 Gann level. The pitchfork support is located lower towards 210.
Gann:
Support: 222 and 193
Resistance: 253
How I trade it:
A move above the pitchfork median at 234 would indicate that bulls try to be back in control. An entry above the pitchfork median keeps a potential re-accumulation chop below us, and we protect ourselves from a premature entry that could go wrong.