Pattern details:
1)It's a 7 leg corrective pattern
2)Here in first 3 leg's price's contracts after which wave d is formed (sort of wave x of wxy) which is followed by 3 expanding leg's,meaning contracting triangle connected by expanding triangle
3)Wave G tends towards equality wave A,wave F towards wave B,wave C towards wave E,however wave G can only be 38.2-50% of wave A on many occassion.
A decisive close above 54.30 would indicate end of wave f .wave g tgt is coming around 78 which is about 40% move.Long entry setup build's on close above 54.30 which would be second confirmation of clearing previous peak.As of now in today's trading session TL has already been breached indicating sign of strength.Also each down swing has taken identical time after which it has reversed,meaning current down swing is nearing end.On the down side lowest low can be kept as protective stop once entry criteria is meet.
Disclaimer:Analysis shown here is only for educational purpose trade should not be taken on the basis of this post.
1)It's a 7 leg corrective pattern
2)Here in first 3 leg's price's contracts after which wave d is formed (sort of wave x of wxy) which is followed by 3 expanding leg's,meaning contracting triangle connected by expanding triangle
3)Wave G tends towards equality wave A,wave F towards wave B,wave C towards wave E,however wave G can only be 38.2-50% of wave A on many occassion.
A decisive close above 54.30 would indicate end of wave f .wave g tgt is coming around 78 which is about 40% move.Long entry setup build's on close above 54.30 which would be second confirmation of clearing previous peak.As of now in today's trading session TL has already been breached indicating sign of strength.Also each down swing has taken identical time after which it has reversed,meaning current down swing is nearing end.On the down side lowest low can be kept as protective stop once entry criteria is meet.
Disclaimer:Analysis shown here is only for educational purpose trade should not be taken on the basis of this post.