In combination with the recent negativity in the news, it looks like I found myself a nice place to get long. The bottom of the trendline seems to be holding and although it is only the third time it's being tested (since the start of the large uptrend), I think it has a decent chance of holding.
The consolidation that's happening in this possible 4th Elliot Wave doesn't make it optimal to buy here since we don't know how long this consolidation is going to last. For that reason the target set is fairly conservative at the most recent high's, just in case the consolidation is not over yet.
R/R on this setup is around 2.5. Could be lower if you bought or are planning to buy closer to the trendline .
The consolidation that's happening in this possible 4th Elliot Wave doesn't make it optimal to buy here since we don't know how long this consolidation is going to last. For that reason the target set is fairly conservative at the most recent high's, just in case the consolidation is not over yet.
R/R on this setup is around 2.5. Could be lower if you bought or are planning to buy closer to the trendline .