LALPATHLAB - EW & Technical Classical 4th wave on Channel Setup

٢٥ نوفمبر ٢٠٢٤

CMP: 3095

While combining EW with technical patterns, the general guideline is that

Wave 3 must breakout above the 0-1-2 channel

Wave 4 must take support at the 0-1-2 channel top or at the midpoint

In this chart, price complied both the technical requirements for wave 3 (breakout and runaway).. and then retest the channel top to complete the 4th.

More details on trade set up for this script is described in a separate analysis..

Sharing this as a new post to help understand how EW and Technical patterns work together

٢٧ نوفمبر ٢٠٢٤

تم فتح الصفقة

Looks like the price would make one more low between 2800-2700.. Since this is the 5th wave, we never know where will it end.. better to wait and watch for reversal at the previous resistance/breakout zone of 2700 levels

٢٧ ديسمبر ٢٠٢٤

أغلقت الصفقة: تم الوصول للهدف

2800 done.. trade closed