Following the Elliott pattern on the 'Advanced Get' Tool.
DXY weakness still which will stay the same until SPX slows a little. The risk seems pretty much off at the time of writing.
IG Trader sentiment is 68% short, giving further validation of a contrarian view.
COT data - Asset Managers are only 50.50% long whilst LEveraged funds are 60.89% Long. Meaning it's pointing north but slowly. This also marries the current chart situation. We can also see a bias to AUD over USD slightly shrinking this week from 86% to 85%.
A couple of potential targets to close out the 5th wave on the Elliott formation, the MoB level, and up to the Fib extension are probable.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
DXY weakness still which will stay the same until SPX slows a little. The risk seems pretty much off at the time of writing.
IG Trader sentiment is 68% short, giving further validation of a contrarian view.
COT data - Asset Managers are only 50.50% long whilst LEveraged funds are 60.89% Long. Meaning it's pointing north but slowly. This also marries the current chart situation. We can also see a bias to AUD over USD slightly shrinking this week from 86% to 85%.
A couple of potential targets to close out the 5th wave on the Elliott formation, the MoB level, and up to the Fib extension are probable.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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Master the Art of Trading: amzn.to/3nUfB9r
Prop firm partners (FTMO)
shorturl.at/hBEQ4
