Consider this setup as educational.
Multi confluence trade setup for bullish action.
a) Elliott Wave Analysis: Consolidation at 0.618 fib level of retracement. Complex Elliott wave 4 consolidation which on breakout would cause the rise of wave 5. Since wave 1 and wave 3 were of equal length, wave 5 should be largest wave.
b) Trend Analysis: Falling Wedge consolidating near 20 EMA line. Breakout of flag and upward break of 20 EMA line by the breakout candle would indicate a strong long bias.
gevdsvf
Keep a watch. Fingers crossed.
Comment if I miss anything or if you have any other ideas.
Multi confluence trade setup for bullish action.
a) Elliott Wave Analysis: Consolidation at 0.618 fib level of retracement. Complex Elliott wave 4 consolidation which on breakout would cause the rise of wave 5. Since wave 1 and wave 3 were of equal length, wave 5 should be largest wave.
b) Trend Analysis: Falling Wedge consolidating near 20 EMA line. Breakout of flag and upward break of 20 EMA line by the breakout candle would indicate a strong long bias.
gevdsvf
Keep a watch. Fingers crossed.
Comment if I miss anything or if you have any other ideas.