For the less experienced traders it is wise to see if this fift wave plays out, and then buy the retracement. Ideal would be to test the longterm resistance as a support.
A close below 6250 will invalidade this count! 6000 would be ideal target.
A close below 6250 will invalidade this count! 6000 would be ideal target.
Note
Today we broke the pennant and as expectec we moved right to the wave 1 support zone. As I mentioned above a close below 6250 would give us an elliotwave faillure. So far it seems to be holding but this is a warning!Targets too the up and downside stay the same for now.
Note
So we got a reaction! We dropped below the 6250 to test the longer term resistance line as support and instantly had a reaction to the upside. although we did not get a EW faillure, we did drop below our wave 1 area (did not close). For me personally this is still a notrade zone. For now I will be trading the market like this :*This is not financial advice :)
Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.