PTTGC | Wave Analysis | Downtrend Target Wave II Projection
Price action and chart pattern trading
> ABC correction wave 2 is around the corner within the zone 0.5 retracement of wave I.
> The current wave C extended 1.213 of wave A
> Upcoming Elliott Channel breakout to confirm end of downtrend correction
> Long Entry @ Channel breakout near SMA50 zone
> Short-term target at SMA200 / Volume Profile Point of Control
> Medium term trade target at 0.786 - 1.0 Wave I position
> Stoploss at the lowest point of Wave C zone
> RRR: 2:1 for short term and 3:1 for medium term trade
Indicator:
RSI above 50 with bullish divergence signal
Always trade with affordable risk and respect your stoploss.
> ABC correction wave 2 is around the corner within the zone 0.5 retracement of wave I.
> The current wave C extended 1.213 of wave A
> Upcoming Elliott Channel breakout to confirm end of downtrend correction
> Long Entry @ Channel breakout near SMA50 zone
> Short-term target at SMA200 / Volume Profile Point of Control
> Medium term trade target at 0.786 - 1.0 Wave I position
> Stoploss at the lowest point of Wave C zone
> RRR: 2:1 for short term and 3:1 for medium term trade
Indicator:
RSI above 50 with bullish divergence signal
Always trade with affordable risk and respect your stoploss.