US30 is creating a really interesting pattern.
We could be in an impulse/diagonal - Both of which follow similar rules. Wave 2 was a clear flat correction = 335, which broke out upwards of 23%!
We are seeing a similar correction to wave 2 now. Typically wave 4 retraces atleast to the 38.2 fibonacci level. This is where we'll have our buy zone.
We want to see 5 wave move down for subwave C (of wave 4). If all goes according to plan, we can draw an entry trendline using points 2 and 4 of subwave C to catch the 5th move higher.
Should be an easy trade!
Will update this setup if this gets enough engagement.
Goodluck and as always, trade safe!