TA - Short Term Trading, page-1083

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bombom

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24/06/21

04:31

Post #: 54030431
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Originally posted by dirtpuncher: ↑

my 2 bob,

I look at elliot wave on a larger time frame and use smaller time frames for entry/exit . The thing i have noticed is the on a monthly scale it appears we are in a wave 1. Wave 1 is usually long in time and price than the preceding wave c so there is a good chance that this current wave ()on a monthly scale ) has further to run and this is simply a monthly retrace , noting that we are nearing the end of the month and a solid close above the 50% retrace could add weight to a further move long. But given the average time between lows is approx 25 months and we are more than half way through that "period " we could potentially see a sharp fall into a low in early april, noting also the vertical blue line where the low has currently fallen as determined from convergence oftime extensions previously mapped out . So the monthly chart could go either way but i am leaning to a further move long .
Breaking down the current monthly wave 1 into subwaves on a weekly scale we can see that we have topped out on a wave 5 and we are currently in an ABC pattern short which complies to EW theory and could be deemed to be complete. There is support from a trend line under it , but the trend line cannot be confirmed until price moves back above $4.12 so buying here is risky because if wave c is not complete it could potentially fall to $2.50 or further. A safer trade would be to look for a dow entry if price moves up with a target beyond $4.20.

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Did I understand correctly that you advise to buy if it goes up a lot or if it goes down a lot - but it’s risky to do anything now.
I, on the other hand, without and sophisticated TA, recommend that if FA shows promise, buy and dollar cost average no matter which way it goes.
Full disclosure - I already have my fill (ave $1.35)

GXY Price at posting: $3.39 Sentiment: Hold Disclosure: Held
3 Upvote

0 Great analysis

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TA - Short Term Trading, page-1083

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