Elliot Wave: looks like we might be starting a new elliot wave to the upside and just completed wave 2. Looking for a push beyond wave 1 high point. TP set just above wave 1 but expecting a long term upside move above the last elliot wave 5 point high to the upside.
Notes:
morning star formed around the 618 fib retracement. I set my entry at the .764 below the morning star to allow for better entry
stochastic showing oversold with a divergence to the upside macd still showing decrease in downside momentum
What can go wrong: TP could be set too high at 40 pips and will consider a smaller TP if we struggle to break wave 1 high point. A move to the downside past point C correction would indication we are actually in a wave 3 to the downside from the previous elliot wave 5 completion.
交易結束:目標達成
TP reached in 5 hours
elliot wave 3 appears to be in full effect. Looking for a wave 4 to test the wave 1 high for a new long entry to complete the 5th elliot wave to the upside.