Price action and chart pattern trading setup
> Elliott Wave Analysis Mapping with ending diagonal positioning target downtrend reversal pattern
> The current potential final wave 5 within the target zone extended 0.5 of wave 3 and retraced exactly 1.618 of wave 4.
> Long 1st Entry @ Ending Diagonal downtrend line breakout and 2nd entry @ Elliott Channel Breakout for reversal confirmation
> 1st Target uptrend @ Wave 4 and 2nd target @ Wave 2 position
> Stoploss at the lowest candle of wave 5 minor with -20% downside risk.
> RRR: 1:3 for medium term trade
Indicator:
> MACD - some bullish divergence crossover signal line below center
Always trade with affordable risk and respect your stoploss
> Elliott Wave Analysis Mapping with ending diagonal positioning target downtrend reversal pattern
> The current potential final wave 5 within the target zone extended 0.5 of wave 3 and retraced exactly 1.618 of wave 4.
> Long 1st Entry @ Ending Diagonal downtrend line breakout and 2nd entry @ Elliott Channel Breakout for reversal confirmation
> 1st Target uptrend @ Wave 4 and 2nd target @ Wave 2 position
> Stoploss at the lowest candle of wave 5 minor with -20% downside risk.
> RRR: 1:3 for medium term trade
Indicator:
> MACD - some bullish divergence crossover signal line below center
Always trade with affordable risk and respect your stoploss
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