Beautiful Butterfly/Cypher Setup w/ WaveY on Minor for confirm..
A Beautiful Butterfly/Cypher possible Setup with Wave Y completion on Minor Period of Elliott Wave count, including 2 high probability targets with a 3rd and 4th target merging on the same price range.
Price action seems to be confirmed with Stochastic and RSI both in the area of overbought. MACD suggests more upwards move possible before bearish price action for what looks like a great SHORT.
Although Entry#2 has already been reached, the entry could be activated, however in lieu of the wave count, RSI and pattern formed, I suggest to wait for a breakout of structure before taking this short. My calculated gut tells me to wait for additional moves upwards until Possible Entry #1 has been reached before taking a short. IF entry #2 does prove to be correct instead, I will take a short on the breakout of the structure, after another 2~3 days of price action (possibly more). Trading requires patience and patience is a virtue! Beware not to jump in too quickly.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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Price action seems to be confirmed with Stochastic and RSI both in the area of overbought. MACD suggests more upwards move possible before bearish price action for what looks like a great SHORT.
Although Entry#2 has already been reached, the entry could be activated, however in lieu of the wave count, RSI and pattern formed, I suggest to wait for a breakout of structure before taking this short. My calculated gut tells me to wait for additional moves upwards until Possible Entry #1 has been reached before taking a short. IF entry #2 does prove to be correct instead, I will take a short on the breakout of the structure, after another 2~3 days of price action (possibly more). Trading requires patience and patience is a virtue! Beware not to jump in too quickly.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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