Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 30
SL PIPS: 15
Fib Entry: .764
Fib TP: 1+
Histogram: contracting down
Inside EMA/SMA zone: yes
looking for an C point final termination closer to the wave 3/4 zone of the last uptrend and close to the 200sma on the hourly chart.
formed around the 618 fib retracement. I set my entry at the .764 above the to allow for better entry
showing overbought with a sligh divergence to the downside
still showing decrease in upside momentum
What can go wrong:
SL is set above A point correction low. I could be wrong about C point making a final low closer to the 200sma and we could be at a new uptrend extension at which point the current C point would be the starting point of the new to the upside and A correction would be broken closing out my trade.
elliot C wave correction terminated exactly around the wave 3/4 zone and just shy of the 200sma.
could continue to drop, looking for for uptick with a 618 -764 retracement to retest the low for an entry long to possibly start a new elliot wave to the upside