Possible Short Continuation - Larger Time Frame Shown also.
Short continuation from here i believe. Please look at photo below and previous chart ideas for more information for the larger trend and direction.
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4 hour: I am looking for and holding short positions for the continuation of the trend. I am looking at at least a more shorter term movement down to the 1254-1255 level. Price may end up short of this, if so then we will look at more extended moves down later down the track.
For now however,I believe we are in a short continuation and will hold in the meantime and observe price action.
Please remember to apply your risk management parameters. Mine is 1-2% MAX risk of total portfolio capital running at any one time.
Happy Trading! Will post further updates here.
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It's best to take a step back and play the charts in this situation on the bigger time frame to avoid miscalculation and miscounts of the waves. This is a better approach to take in my opinion.Stay tuned for more updates as we head down deeper down the Great Barrier Reef.
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Just to add, on this wave 3 down i do personally think we have now begun the final leg down of this wave 3. Those black horizontal support lines are targets where i believe price will end. Lets wait and see. I want to see how it aligns with other confluences and also counts to begin taking out some profits and then waiting to get in on a shorter term long and correction of the trend.
Stay tuned (Peace Sign)
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^^ Sorry, to correct what i just wrote. Final leg of the wave 3 inside the bigger wave 3. See photo for visual representation.
Those future wave projections are not the precise targets, they will be arranged to fit price as we move into the future once it has revealed itself to us.
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I see this being formed. Two upper trendlines with red being the alternative extension for the end of this pattern. ملاحظة
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I personally believe that we still have 1 more tap for this wedge which should come somewhere within this shaded area. ملاحظة
This could be that last tap i was talking about. ملاحظة
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Waiting for this to set up:ملاحظة
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لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.