As the preceding uptrend may have been completed and we are on the correction phase of Elliot waves , the correction has almost shaped a flat which also confirms the shaping double top considering the decreasing volume in the second peak however the double top has not been confirmed yet.
Entry 1 : first short position can be entered based on the completion of the Elliot flat correction ABC and also the decreasing volume that suggests a double top is forming. The target for this Entry would be right above the blue support line.
Entry 2: the more appealing entry however is a clean (1% and 2 close prices) of the blue support line which confirms the shape of the flat and also confirms the happening of double top which is a Reversal pattern for the preceding trend (12345 Elliot impulse). The order entry would be a sell stop on the clean break of the blue line; stop loss would be the clean violation of the blue support line (turned into resistance after clean break) and profit targets would be the leg of the double top (around the start of wave 1 on preceding Elliot impulse).
please give me your feedbacks :) thanks.
Entry 1 : first short position can be entered based on the completion of the Elliot flat correction ABC and also the decreasing volume that suggests a double top is forming. The target for this Entry would be right above the blue support line.
Entry 2: the more appealing entry however is a clean (1% and 2 close prices) of the blue support line which confirms the shape of the flat and also confirms the happening of double top which is a Reversal pattern for the preceding trend (12345 Elliot impulse). The order entry would be a sell stop on the clean break of the blue line; stop loss would be the clean violation of the blue support line (turned into resistance after clean break) and profit targets would be the leg of the double top (around the start of wave 1 on preceding Elliot impulse).
please give me your feedbacks :) thanks.