Technical: We are seeing a textbook wave pattern here. For academic purposes, this is the best chart to learn rules of EW on. At least for the short term we have another Micro wave up. I think the minimum target is 8540 for the next day or so. So let's go through a recap to figure out how we got here. The Wave B of Wave (iv) gave us an expanded flat which implies that we were going to move to higher targets in Wave (v). After the extended wave 3, we got a zigzag sideways correction which was pretty drawn-out. This is due to the Rule of Alternation. If either one of the corrective waves (i.e. Wave 2 or Wave 4) are sharp/sideways then the other wave would be the alternate scenario. Now since we had an extended Wave 3 and going by the Guideline of Wave Equality, the minimum target for Wave 5 has been met. But the waves are printing a bullish wave pattern so I'm of the opinion that we shall still be able to break the high of Wave 3.
My Position
Entry: 8150-8200
Stop: 8054
Take Profit 1: 8500 (Closing 50%)
Take Profit 2: 8800 (Closing 50% and will protect open profits with a Trailing Stop)
If the stop is breached then my wave pattern is invalidated and we were wrong. The Risk to Reward Ratio is pretty lucrative so I'm pretty confident going into this trade. This is a quick trade. Not a swing position.
Regarding the ETF hearing, I'm pretty bearish as we come closer to 10th August. It might get approved or rejected, I'm not gonna keep positions open to find out how it impacts the prices. If it gets approved then with confirmation I'll open long positions and if rejected then with confirmation I'll open short positions. The key word being "Confirmation".
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
My Position
Entry: 8150-8200
Stop: 8054
Take Profit 1: 8500 (Closing 50%)
Take Profit 2: 8800 (Closing 50% and will protect open profits with a Trailing Stop)
If the stop is breached then my wave pattern is invalidated and we were wrong. The Risk to Reward Ratio is pretty lucrative so I'm pretty confident going into this trade. This is a quick trade. Not a swing position.
Regarding the ETF hearing, I'm pretty bearish as we come closer to 10th August. It might get approved or rejected, I'm not gonna keep positions open to find out how it impacts the prices. If it gets approved then with confirmation I'll open long positions and if rejected then with confirmation I'll open short positions. The key word being "Confirmation".
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
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