Combined Elliott wave analysis and cycle analysis through PRO Sinewave (beta) both tend to confirm a TP area nearby the current prices which would mean the end of subwave 3 of our supposed last impulse (V) that is our extended wave. Which means that we may still have a final 5th wave to complete on the subcount in order to finish this cycle. Anyhow bulls must get out at that point and wait for retracement to eventually jump in again for the final wave 5 call.
Hope this idea will inspire some of you ! I'm pretty new to TradingView so I'ld appreciate any like/comment/follow if you feel like it deserve it ;)
Dagangan ditutup: sasaran tercapai
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Today's candle managed to break below yesterday's low meaning that bulls can't take it anymore ! Those who are still long exposed in this should have a close look at intraday charts and consider exiting whenever the price seems to exhaust or start breaking supports during the next few days !
Dagangan aktif
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Retracement target got a hit today. Hope you guyz bought it ;) Still needs a confirmation with daily close. But buying final wave was part of the plan !
I do like the fact that your analysis is quite thorough.
we don't use the same methods and I respect everyone who sticks to their guns and are consistent in how they work.
trading is not ABOUT all of us becoming the same.
trading can be about everyone learning something from looking at a different perspective.
thanks.
great job!
PRO_Indicators
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@renegadetrader8, Couldn't say any better than that ! Everytime I come across a beginner the only advice I can give him is : "don't ever try to copy anyone". Following gurus is pure waste of time, everyone is different, and so everyone should have a different strategy ! The best approah is definitely to be curious, test and learn the most, but the number one rule is : don't expect to become a trader in less than 2-3 years.. As every other job this requires heavy amount of work and of course that's why just a few can survive out there !
Jemil
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I am also very new to this and probably my opinion isn't very valuable, but the more I read your idea, the more sense it makes to me. Thanks for sharing.
mattcook
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I have a 280 test before going higher, so my analysis aligns with yours. Great job on this by the way.
PRO_Indicators
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@mattcook, The more uncorrelated analysis tend to the same point the higher the probabilities of its reaction ;) So I guess its good news for both of us ! Anyway retracement on Elliott can make very complex structures and so the retracement target is highly speculive on my analysis. That's the reason why I'm not shorting this !
PRO_Indicators
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Just noticed that major wave V is misplaced, should obviously be at subwave (5) point 😉.
NagarajuGunda
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Pretty neat explanation. Hope it will go as charted.
PRO_Indicators
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@NagarajuGunda, there's no certainty whrn prices are in heavy volatility like that. But all i know is that if IHad longs i would hardly take them out rather than waiting for what could be a violent retracement signal !
we don't use the same methods and I respect everyone who sticks to their guns and are consistent in how they work.
trading is not ABOUT all of us becoming the same.
trading can be about everyone learning something from looking at a different perspective.
thanks.
great job!