Re-entered Lulu here at 446. The continued downward trend followed the ABC subwave from the previous entry (white circle) and now has the support of the bottom of falling wedge pattern. Price reversal and pivot from the end of wave 4. Buying (again) today with 1% allocation. Open @ 446.5 TP @ 509 c.14%
‐--‐-----------
Strategy:
Based on Elliot wave theory, pivot points and classic chart patterns. The 5th wave pivot strategy identifies the last impulse of the Elliot wave sequence. The 5th wave can be equal to the 3rd wave or extend to the 1.618 Fibonacci level.
Entry: A position is taken when a pivot point is reached at the end of the 4th corrective wave and the price reverses. This position is also confirmed by bouncing from the lower bound of a chart pattern or from price support level.
Exit: TP is taken from top of wave 3 or the previous resistance level.
‐--‐-----------
Strategy:
Based on Elliot wave theory, pivot points and classic chart patterns. The 5th wave pivot strategy identifies the last impulse of the Elliot wave sequence. The 5th wave can be equal to the 3rd wave or extend to the 1.618 Fibonacci level.
Entry: A position is taken when a pivot point is reached at the end of the 4th corrective wave and the price reverses. This position is also confirmed by bouncing from the lower bound of a chart pattern or from price support level.
Exit: TP is taken from top of wave 3 or the previous resistance level.