Good morning traders,
Here we can see a classic 5 waves up on the initial impulse wave followed by a possible a-b-c correction. This suggests we will see another 5 wave structure higher based on Elliott wave theory.
The 5 waves look impulsive in nature which signals a bullish move in the market.
We are looking to build into a long position once the previous resistance levels are taken out.
Our SL will need to go below the bottom of wave 2 to ensure they are kept out of the way.
If Wave 2 bottom is taken out the set up becomes invalid.
If you take a look at the broader picture we can see a key trendline support coming into play.
Any thoughts or comments are welcome!
Here we can see a classic 5 waves up on the initial impulse wave followed by a possible a-b-c correction. This suggests we will see another 5 wave structure higher based on Elliott wave theory.
The 5 waves look impulsive in nature which signals a bullish move in the market.
We are looking to build into a long position once the previous resistance levels are taken out.
Our SL will need to go below the bottom of wave 2 to ensure they are kept out of the way.
If Wave 2 bottom is taken out the set up becomes invalid.
If you take a look at the broader picture we can see a key trendline support coming into play.
Any thoughts or comments are welcome!
