It seems Monthly Supply zone is broken (the big red bar from left is 1-M Supply Zone broken in style). Now, on Weekly/Daily chart, the Elliott Wave Model applied is as shown. We are in great extended 5th wave. If price still continues to make higher lows and higher highs then 5th wave end possibilities are also as shown in the chart. However, for those who haven't been in this boat, a great opportunity to buy for longs can come at the nice green 1 day demand zone bar shown hereby.
We will have to see the price action and momentum near 26100 to 25800 and then plan to seek a bounce for an upward journey.
Again, I will post those ideas which are great opportunities to educate and practice ourselves on Elliott Wave and Demand-Supply models with Price Action as primary foundation.
We will have to see the price action and momentum near 26100 to 25800 and then plan to seek a bounce for an upward journey.
Again, I will post those ideas which are great opportunities to educate and practice ourselves on Elliott Wave and Demand-Supply models with Price Action as primary foundation.
Trade active:
As you can see, the price has touched the probable 5th wave zone and is consolidating. Let's await future price action and see if the price comes to our demand zone below or not for upward swing.
Trade closed: target reached:
So , instead of coming to our demand price zone, it made higher highs and completed probable 5th wave as shown. Trade successful and closed. We will wait for price to distribute and then come to our demand zone of 26100 to 25800 to initiate new trade opportunity for upwards side.