Bearish divergence from MACD, potential in a wave 1 of a 5 elliot wave pattern, put a buy in blue box and catch wave 3 and 5.
The Nina, The Pinta, The Santa Maria.
Comment:
I was just finishing up my presentation on Prestige Worldwide, but wanted to give a quick update of this short term trade.
We did not dip as low as I predicted, but that is ok. Using our Elliot Waves, if the 2nd wave is short on our Fib retracement, then that potentially sets us up with a big 3rd wave. I am looking for our top of our 3rd wave to put us somewhere near the previous all time high, so I will probably looking to take profits at that level and buy back in on the wave 4 dip.
What does Elliot Wave tell us when wave 2 is a short bounce? It means wave 4 will retrace deeper into our Fib. Once we hit ATH resistance we are looking at a fall back to the top of our wave 1 (.0137)
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We did not dip as low as I predicted, but that is ok. Using our Elliot Waves, if the 2nd wave is short on our Fib retracement, then that potentially sets us up with a big 3rd wave. I am looking for our top of our 3rd wave to put us somewhere near the previous all time high, so I will probably looking to take profits at that level and buy back in on the wave 4 dip.
What does Elliot Wave tell us when wave 2 is a short bounce? It means wave 4 will retrace deeper into our Fib. Once we hit ATH resistance we are looking at a fall back to the top of our wave 1 (.0137)