Ok so I would have gotten in at peak (5) however i missed it, so now i am looking for an opportunity to re enter.
Wave (4-5) is the most recent swing, currently price has dropped to what would be a notable supply nd demand zone that is in confluence with 61.8% retracement zone of that wave... that said i would idelly like to see a small bear rally here as price comes back up to retest the channel support which would form Corrective wave A-B...
If this plays out that would be my re entry zone. in this scenario i would ideally short corrective wave B-C and take profit at what would be the 61.8% retracement zone of the major Swing which is the entirety of of wave 0-5...
its a rough elliot wave, not the cleanest but it helps to map out a potential pattern here to identify future re entry and take profit.
(NOTE THAT CHANNEL SUPPORT TRENDLINE IS ROUGH AND I ACTUALLY WISH I COULD EDIT IT)
Wave (4-5) is the most recent swing, currently price has dropped to what would be a notable supply nd demand zone that is in confluence with 61.8% retracement zone of that wave... that said i would idelly like to see a small bear rally here as price comes back up to retest the channel support which would form Corrective wave A-B...
If this plays out that would be my re entry zone. in this scenario i would ideally short corrective wave B-C and take profit at what would be the 61.8% retracement zone of the major Swing which is the entirety of of wave 0-5...
its a rough elliot wave, not the cleanest but it helps to map out a potential pattern here to identify future re entry and take profit.
(NOTE THAT CHANNEL SUPPORT TRENDLINE IS ROUGH AND I ACTUALLY WISH I COULD EDIT IT)