I follow Elliott Wave Principle for trading, I am a novice trader (trading since DEC-2015 using the Wave Principle). This is my first post/idea in the forum, so pls forgive any mistakes.
Below is an interesting chart. Request veteran traders to pls review and comment.
On weekly, TITAN has completed its X wave at 379. This X is continuation of correction started from 448 in feb-2015. X is a complex zigzag in this case; both a of X and c of X are double zigzags.
Weekly chart:
Hourly chart shows completion of c of X. Hourly chart:
So, shorting at 379 with stop at 382 target below 301.70 (i.e. below beginning of the X wave on weekly) seems a good trade.
Regards, PT
Trade fermée manuellement
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SL hit @ 382.
Still, this is a short per the wave formations.
Next short level is 386 with stop at 387; although more likely level will be 393.2. It is based on the following Fibonacci table: