This is nice structure for a wave-2, of wave-5, of Wave-3. Got it? Good. Sure, this "could" be a false break out and we'd retrace back to the $34 hundreds but a look at the length and structure of the larger degree wave-2 compared to wave-4 suggests that the 5th wave of 3 is not complete yet. Easier to see than to write ;)
A touch of the median line coincides with the 50% retracement for what I'm labeling wave-2 of 5 and gives more structure to the trade. The stop needs some room. If we start to go deeper than the 61.8% the $4,000 round number magnet effect may start to play a factor. My suggestion is a stop below the 78.6 to give it plenty of room. Up side is to targets to just under $5,000. Choose your size according to your risk tolerance and account size. If this count is invalidated and stops are hit... there will be a larger retracement on the daily you won't wont to miss because you burned your fingers on this play... My entry is just above the median line.
A touch of the median line coincides with the 50% retracement for what I'm labeling wave-2 of 5 and gives more structure to the trade. The stop needs some room. If we start to go deeper than the 61.8% the $4,000 round number magnet effect may start to play a factor. My suggestion is a stop below the 78.6 to give it plenty of room. Up side is to targets to just under $5,000. Choose your size according to your risk tolerance and account size. If this count is invalidated and stops are hit... there will be a larger retracement on the daily you won't wont to miss because you burned your fingers on this play... My entry is just above the median line.
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