Wave A-B cycle: 16 days
Wave C cycle: 9 days
Ready for new 5 wave up to challenge $1,360.
Houston, the base is in place and we are ready to launch. The entry came a little sooner than I was expecting, but the today is pushing the issue and prompting an entry. More conservative traders can strive to get an entry tomorrow (Friday) or Monday at $1,306 but may miss the entry all together and be left chasing prices back up. Pick your point, set your stop and hang tight.
Min Target: $1,341
Max target: $1,361
On the hourly, its clear that a new lower low was formed, but quickly failed and rose back up above the prior low, a 2B reversal, which also formed a .
I don't expect this wave to challenge beyond $1,341 but its a good strategy to be long and keep being long in my opinion.