Disclaimer: I am a new trader, practicing Elliot Wave Theory on the ASX. I aim to publish these ideas for my own journalling, as well as to accept feedback from the community in order to help me learn.
This is my analysis for BSL - Bluescope Steel Ltd. The ABC corrective wave seems to be over, so we can look forward to the 5-wave impulse move. Retracements (2) and (4) are likely to reach the 0.618 fib levels, while our target (5) is at the 0.618 fib extension of (1) to (3) and also the resistance level from previous highs.
This is a swing trade that could take between 1-3 months to play out.
Any thoughts and feedback are welcome!
This is my analysis for BSL - Bluescope Steel Ltd. The ABC corrective wave seems to be over, so we can look forward to the 5-wave impulse move. Retracements (2) and (4) are likely to reach the 0.618 fib levels, while our target (5) is at the 0.618 fib extension of (1) to (3) and also the resistance level from previous highs.
This is a swing trade that could take between 1-3 months to play out.
Any thoughts and feedback are welcome!
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.