The structure looks like and ending diagonal and MACD is showing divergence so we'll have to see if the lower trendline initiates a bounce prior to completion of the AB=CD or not. If PA hits that trendline in the region of the 127.2AB extension level then I might already enter long there with a tight SL. I didn't include this setup in the chart though...
If it breaks the trendline to the downside then I will buy where a possible AB=CD pattern completes. This should be roughly in the 25$ region. This psych. level might provide support in any case.
Entry just above the perfect AB=CD, SL well below the 25$ level. Initial target (75%) at the 50% CD retracement, final target (25%) just below the 50$ level.
Comments
ElPatron.Y
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Dat is wel erg diep...
KVE
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Ik hou van wat dramatiek af en toe...Maar geef toe, mooi niveau om te kopen toch... ;-)
ElPatron.Y
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Mooi niveau is het zeker, ik ben short gegaan vannacht op 38 :) Mijn support line was ook nog niet geraakt.