1) CC' = YY' already complete (see labels on chart);
2) XAB to BCY' is a 61 bar cycle, which is also complete;
3) Stock reversing from the above two price and time levels.
Why buy then?
1) The will complete at around 574 PRZ;
2) There seems to be one more wave left which could take the stock as high as 564 to 574;
3) The 564 level is the CD=1.27AB complementary target for the pattern.
A on hourly chart near 530-533 level.
The preceding swing low (tight stop) or 520 (support stop)
# If price breaches the 520 level without any buying setup then this trade will be negated.
# If price runs higher from here, then I ll look for shorting opportunity in the PRZ.
# This is not a trading/investment advice..just my setup.
Do Hit like, comment and follow.
Trade safe, be healthy.
Now the buy zone would be 530 to 522. The zone coincides with the uptrend line of the channel shown and also the important fib. levels.
I ll look for a buy setup in this zone on 1H chart. The setup in this case would favor RRR.