Targets:
Traders can initiate short positions for the following targets:
2400 - 2376 - 2301 - 2279
BUT DON'T TRADE BLINDLY. Read this following research to get how it is making selling opportunities for the intraday traders.
PEL is forming a double combination pattern on the 4-hour timeframe chart. Price has constructed LL(lower-low) and LH(lower-high) to confirm the bear's existence.
Wave Formations:
Wave (W) is a double zigzag formation with seven wave structures.
Wave (X) is a contracting triangle with five sub-wave structures.
Wave (Y):
Sub-wave wave A & B has occurred, and wave C is progressing.
Sub-wave B has completed at 61.8% Fibonacci retracement of wave A at 2531.
The culmination point of wave C:
Wave C can end at 61.8% of wave A at 2279.
Wave C can cease at 50% of wave A at 2333.
Wave C can conclude at the control line, and 61.8% of wave ((w)) at 2376.
After completion of wave C, the price will start its bull run.
Traders can initiate short positions for the following targets:
2400 - 2376 - 2301 - 2279
BUT DON'T TRADE BLINDLY. Read this following research to get how it is making selling opportunities for the intraday traders.
PEL is forming a double combination pattern on the 4-hour timeframe chart. Price has constructed LL(lower-low) and LH(lower-high) to confirm the bear's existence.
Wave Formations:
Wave (W) is a double zigzag formation with seven wave structures.
Wave (X) is a contracting triangle with five sub-wave structures.
Wave (Y):
Sub-wave wave A & B has occurred, and wave C is progressing.
Sub-wave B has completed at 61.8% Fibonacci retracement of wave A at 2531.
The culmination point of wave C:
Wave C can end at 61.8% of wave A at 2279.
Wave C can cease at 50% of wave A at 2333.
Wave C can conclude at the control line, and 61.8% of wave ((w)) at 2376.
After completion of wave C, the price will start its bull run.
Trade closed: target reached:
PEL reached the first target of 2400.
Trade closed: target reached
3rd TP - 2301
4th TP - 2279
All TP Done.