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Weekly trend
Elliot wave for IDEAL chart is very complicated, it have two most probability wave degree development is only going ,which is impulse wave 3/C up or sharp correction wave up( triple Zigzag or we name it as a WXYXZ), I spend some time to nail it down and draw out couple of technical justification to make the conclusion, it is sharp correction wave up why !
1.) 3 zig zag wave is connected by wave x.
2.) The retrancement is less than 61.8% of wave A,B,C.
3.) The extension of wave Y length is equal to wave W.
4.) The X wave mainly is ZigZag.
Refer to the censoft technical analysis we did. it is very similar to it.Click here Censoft TA
I am go bullish in Weekly trend. the technical justification for me is
1.) Morning star formation at the wave X area, it is a signal of reversal confirmation.
2.) Bullish divergent formation.
3.) Stochastic is crossing
4.) Weekly volume was build up.
5.) Elliot wave is on triple ZigZag and wave Z up is ongoing to Rm 1.00
Daily Trend
I am stay bullish on it because
1.) ABC Zig Zag was ended which is supported by divergent and it is heading to the north, Triple ZZ is a sharp correction wave is behave is such a way very small litter retracement, I do anticipate it will fast accelerate and heading to the north.
2.) Reversal UP Chart Pattern trading, Double Bottom formation was confirm again by Bullish Divergent.
1 Draw back of the daily trend, I observe a shooting star on today closing, but with green candle and low volume, I am anticipate the shooting star formation was contributed by the contra player profit taking, once the volume digested and prices acceleration up will resume
IDEAL FUNDAMENTAL ANALYSIS PLS CLICK HERE
My Trade Plan : Stop loss
Early SL is 1 candle close below : 0.600
Late SL is 1 candle close below : 0.545
Uptrend Violated : 1 candle close below : 0.460
My Trade PLan : Profit Taking
Very consecutive Target : 0.745
1st TP : 0.845
2nd TP : 1:00
This is the opposite chart pattern of the double top as it signals a reversal of the downtrend into an uptrend. This pattern will closely resemble the shape of a "W".
The double bottom is formed when a downtrend sets a new low in the price movement. This downward move will find support, which prevents the security from moving lower. Upon finding support, the security will rally to a new high, which forms the security's resistance point. The next stage of this pattern is another sell-off that takes the security down to the previous low. These two support tests form the two bottoms in the chart pattern. But again, the security finds support and heads back up. The pattern is confirmed when the price moves above the resistance the security faced on the prior move up.
Remember that the security needs to break through the support line to signal a reversal in the downward trend and should be done on higher volume. As in the double top, do not be surprised if the price returns to the breakout point to test the new support level in the upward trend.
Remember that the security needs to break through the support line to signal a reversal in the downward trend and should be done on higher volume. As in the double top, do not be surprised if the price returns to the breakout point to test the new support level in the upward trend.
DEFINITION OF 'MORNING STAR'
A bullish candlestick pattern that consists of three candles that have demonstrated the following characteristics:
1. The first bar is a large red candlestick located within a defined downtrend.
2. The second bar is a small-bodied candle (either red or white) that closes below the first red bar.
3. The last bar is a large white candle that opens above the middle candle and closes near the center of the first bar's body.
As shown by the chart, this pattern is used by traders as an early indication that the downtrend is about to reverse.
1. The first bar is a large red candlestick located within a defined downtrend.
2. The second bar is a small-bodied candle (either red or white) that closes below the first red bar.
3. The last bar is a large white candle that opens above the middle candle and closes near the center of the first bar's body.
As shown by the chart, this pattern is used by traders as an early indication that the downtrend is about to reverse.
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