The wave C is likely to begin right now. In support, we can see that accumulation has also begun for the stock. Additionally, RSI is bouncing from the oversold levels. This is a good time to trade FB on an Intraday basis. Look for pre-market sentiments before trading.
Cheers and Good Luck!
Commentaires
resurrector007
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Drop the chart to 15 mins. The internal wave counts need to be correct. You may notice that we are already in wave 4 of C.
PranavShandilya
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Do you know that more than 60% of the time, for every wave count done according to EWT, there is an opposite count going on on another time-frame. And the counts vary for every person out there. Its a theoretical subject and people argue about the counts everytime. The Idea is to stay put to one time-frame without messing up with others and catch the trends with a good Risk to Reward Ratio. I'm sure if you switch to the hourly or daily chart, you'll find even more contradicting counts. So stick to one time-frame :)
Cheers.
resurrector007
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Yes your right. I stuck to the hourly, however, wave one seemed very odd and everything cleared up when i dropped to the 15 min, At that point you'd be surprised to see that the 15 min, 30 min and 1 hr and daily all talk the same in my reading. So if what you say is right ... its all good. But if your wrong, then what i have is a safer trade that will keep me alive for trading more trades another day.
Cheers.
PranavShandilya
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Could you please upload your chart or redirect me to it if you have already published it? :)
resurrector007
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resurrector007
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Ignore the blue target lines they were estimates, the first target could be a double bottom, the remaining target are based on how the counts turn out.