I see three reasons for me to take this trade as a buy. 1. If the price bounces from the ranges 1820.148/ to1818.468 and turn bullish , then this will be giving us the 4th to 5th elliot wave impulse. 2. 0-1 leg is equal to wave 4 - 5 . if this is true then wav 5 is going to be at 1.13 of wave 2-3 fib level. 3. If this is true then price will drop to wave 1 highs as prices corrects the wave. the highs of wave 1 is at 0.786 of XC of the cypher pattern and of the fib levels conclusion
If this is true X A B C D 0 0 0.382 1.13 0.786
Then we can buy the D leg of the cypher pattern and go long with the setup. note this is from the 1H timeframe
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.