As shown in my last post, I am long as I hope to ride wave 4 upwards to around $8200.
I believe it is highly likely that the price will eventually reach the resistance at around $8200, reverse, and then drop to form the final 5th wave.
The profit target is derived by using the fib extension tool to measure the length of wave 1 (on the largest scale) and taking that distance away from the end of where I think wave 4 will end. My target is to take profit between where wave 5 is equal to 0.618 and 1 x the length of wave 1.
The stop loss is always essential and I always put them in to prevent large losses.
Best of luck! Again I am putting money on this trade as always
➖➖➖
Action: Set limit sell orders between $8300 and $8190
Stop Loss: $8576.6
Take Profit: set limit buy orders between $7900 and $7630
Order valid: 24 hours from publication
➖➖➖
Not Financial Advice
I believe it is highly likely that the price will eventually reach the resistance at around $8200, reverse, and then drop to form the final 5th wave.
The profit target is derived by using the fib extension tool to measure the length of wave 1 (on the largest scale) and taking that distance away from the end of where I think wave 4 will end. My target is to take profit between where wave 5 is equal to 0.618 and 1 x the length of wave 1.
The stop loss is always essential and I always put them in to prevent large losses.
Best of luck! Again I am putting money on this trade as always
➖➖➖
Action: Set limit sell orders between $8300 and $8190
Stop Loss: $8576.6
Take Profit: set limit buy orders between $7900 and $7630
Order valid: 24 hours from publication
➖➖➖
Not Financial Advice