Market giving indication we are/will be trending relatively strongly as the bulls are taking over at the moment and controlling the market with their dominance.
Keep in mind elliot waves not projected targets. The market can take it as high as it wants or do as it pleases.
Continuation of the switch from a short setup to long setup in the related idea link.
Keep in mind elliot waves not projected targets. The market can take it as high as it wants or do as it pleases.
Continuation of the switch from a short setup to long setup in the related idea link.
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BUT, still wary of the 30min candle and how it closes. If we will see a failed breakout or a confirmed breakout.
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A few moments ago, showing the past market condition.
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Looking for this 15 candle to close relatively bullish.
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Nice close, looking for more follow through.
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5 min. Possible failed breakout or bulls jump in to take this further up.
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Remember always to wait for the candles to close.
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Break of these mini trendline and probably a failed breakout.
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switched in favour of failed breakout and short for the time being. Unless price tells me otherwise.
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If price holds and then continues up we could see it as an abc correction.
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But if price holds and then continues up we may see an ABC correction
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closed bearish.
www.tradingview.com/x/52tDu4ff/
www.tradingview.com/x/52tDu4ff/
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Still can be an abc if this bar closes strongly bullish.
But be wary of the possible reversal which could occur. Otherwise it will breakout and make new highs. Lets see how it turns out.
But be wary of the possible reversal which could occur. Otherwise it will breakout and make new highs. Lets see how it turns out.
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closed bullish lets see if price reverses up here or continues up.
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15 min view:
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testing the other side of the mini trendline. Looking for the bounce up for up confirmations or a test of that wick area for possible reversal.
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Good sell if this next 5 minute candle closes bearish.
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Looking bearish so far. Looks like a reversal and failed breakout.
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wait for futher confirmation and candle close
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Strong Bull. Probable that we're going up.
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Be wary of 15 min. COuld still reverse on us.
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15 min turned slightly bullish. Want to see what the next 15 minute candle has in store for us.
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Breaking below. Good reverse if closes strongly bearish.
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if it does and there's follow through looking out for possible long moves off the two upward trendlines.
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Bearish close.
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Rejection off the trendline. If it continues going, confirms this uptrend.
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This highlight area looks very corrective. ABC, 3rd tap off the trendline, strong reaction to the upside. Trend resumption.
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Breaking out. Trending market.
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We have a potential for this drop. When it reaches this trendline, it will be a good position to buy.
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Possible we could have this channel going.
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Possible reversal zone or a continuation to the top of either channel.
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Trending and corrective phases WITHIN this uptrend.
Making higher lows and higher highs.
Will it continue uptrending and break out above previous high?? Will it continue along this channel ?
Will it become a wedge?
Lines drawn up and will adjust to what the market shows as we continue along this path.
I want to see some larger uptrending/impulsive moves..
Making higher lows and higher highs.
Will it continue uptrending and break out above previous high?? Will it continue along this channel ?
Will it become a wedge?
Lines drawn up and will adjust to what the market shows as we continue along this path.
I want to see some larger uptrending/impulsive moves..
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We may be experiencing a small pullback down to the lower channel line.
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I've changed it to a continuation of the corrective phase (most likely). Especially at the market close where there may be some closing of long positions.
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***Keep in mind:
Channels usually turn into trading ranges. And since Christmas is almost upon us, trading volume and activity is decreased as a lot of people are on their holidays.
Even if the market bounces up off the channel line, price may or may not use the previous high as a resistance level to continue in a sideways market/trading range.
Channels usually turn into trading ranges. And since Christmas is almost upon us, trading volume and activity is decreased as a lot of people are on their holidays.
Even if the market bounces up off the channel line, price may or may not use the previous high as a resistance level to continue in a sideways market/trading range.
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Trading range broke out and also broke above the Higher Time Frame's previous high. Confirming the uptrend even more.
