I have labelled a five wave count and believe to be witnessing the unfolding of a C wave.
I do think the B wave may be a very short lived, shallow correction, almost a stall of price action before the C wave occurs.
RSI and MACD seems to be looking upside.
The moving average is approaching price action from below indicating upside also.
On this trade stops could be tight and take profit could be anywhere around the end of the 3rd and 4th wave.
This would provide very favorable risk to reward.
Any advice or feedback is appreciated.
Thanks.
I do think the B wave may be a very short lived, shallow correction, almost a stall of price action before the C wave occurs.
RSI and MACD seems to be looking upside.
The moving average is approaching price action from below indicating upside also.
On this trade stops could be tight and take profit could be anywhere around the end of the 3rd and 4th wave.
This would provide very favorable risk to reward.
Any advice or feedback is appreciated.
Thanks.
Komentarz:
Stops would be at break even or protecting profits.