As you can see i determined the correction as a WXYXZ correction because of the internal ABC waves and its formed as a channel rather than a triangle.
At first I thought that we need another correction to the downside but it need not to be the case. Because of the break of the trendline it seems bullish to me.
I am waiting now for an ABC correction (zig-zag,flat).
How can you enter at demand? (green rectangle)
Wait for price action on 4h timeframe. Candle needs to close above the box in order to confirm an entry. Furthermore you can verify demand with the volume indicator. If volume is lower than average or it is a divergence you can expect a strong demand.
But first you need to be sure that you enter in the c Wave.
I will post regular updates for this analysis. If you like my analysis please support me with a like and follow my idea.
Thanks for reading,
stibo
At first I thought that we need another correction to the downside but it need not to be the case. Because of the break of the trendline it seems bullish to me.
I am waiting now for an ABC correction (zig-zag,flat).
How can you enter at demand? (green rectangle)
Wait for price action on 4h timeframe. Candle needs to close above the box in order to confirm an entry. Furthermore you can verify demand with the volume indicator. If volume is lower than average or it is a divergence you can expect a strong demand.
But first you need to be sure that you enter in the c Wave.
I will post regular updates for this analysis. If you like my analysis please support me with a like and follow my idea.
Thanks for reading,
stibo
