This is in continuation of our ongoing tracking of SNBL wave structure, prices have broken above the 22.50 level indicating one more leg upwards.
Currently the price is unfolding as wave Z which will target 26 - 28.50 zone, however the prices should decline towards the 20.70 - 19.80 level (buy zone) before rising again.
If the prices go below the 18.60 level, it will significantly weaken this wave count. we will only activate this trade if price reach our buy zone.
If the wave count is correct then this trade will provide us minimum 25.60% gross gain.
Trade Setup:
Entry level: 20.70 - 19.80
Stop loss: 18.59
Target: 26 - 28.50
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
Currently the price is unfolding as wave Z which will target 26 - 28.50 zone, however the prices should decline towards the 20.70 - 19.80 level (buy zone) before rising again.
If the prices go below the 18.60 level, it will significantly weaken this wave count. we will only activate this trade if price reach our buy zone.
If the wave count is correct then this trade will provide us minimum 25.60% gross gain.
Trade Setup:
Entry level: 20.70 - 19.80
Stop loss: 18.59
Target: 26 - 28.50
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
Note
Slight modification to the entry levelsEntry level: 21 - 19.80
Note
Prices have not reached our buy zone last week, on the minor chart it seems like a triangle pattern has developed. However as minor waves are more prone to error we are still anticipating prices to go towards are buy zone.Alternately, if this minor wave count is correct then prices will not go towards our buy zone and will start to rise directly. If this happens then we will enter market once price break above 23.20
Trade active
As mentioned in our previous update, price has risen directly and we are active in this trade nowTrade Setup:
Entry level: 23.40
Stop loss: 18.59
Target: 26 - 28.50
Note
Our trade got activated today, however prices didn't move as anticipated. Looking at the daily close of today which formed an inverted hammer suggest that prices might go down towards our original buy zone of 20.70 - 19.80 level before rising upward, although we will have to wait for this weekly close to confirm this. If the weekly close also ends up forming a inverted hammer or a bearish candle then price will retest the 21 - 19 levels and therefore we might have to adjust our stop loss a little
Disclaimer
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.
Disclaimer
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.