possible downside swing trade setup in progress
There are lots of "IFs" associated with this, but the characteristics of momentum on 15m chart point to a likely 3rd wave. This count will be confirmed by another wave down, after a typical retrace to the prior wave 4 area. If another wave down does occur, creating a 5th wave, and if the entire structure off the high is then retraced 50% or more, then a nice risk/reward setup for another leg down will be in place.
Stated perhaps an easier way is that each of the 3 blue arrows on this chart should happen in order before a swing trade manifests.
This setup is more likely to occur on monday or tuesday, if at all.
Stated perhaps an easier way is that each of the 3 blue arrows on this chart should happen in order before a swing trade manifests.
This setup is more likely to occur on monday or tuesday, if at all.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt