Candle Pattern: Evening Star Trend: down Trend Entry: with
TP/SL Ratio Target: 2 to 1 Target TP PIPs: 30 SL PIPS: 15
Fib Entry: .764 Fib TP: 1+ Stochastic: over-bought MACD Histogram: contracting down 200SMA: below Inside EMA/SMA zone: yes BB: top Pivot Point: At Pivot
Elliot Wave: looking for an ABC C point final termination closer to the wave 3/4 zone of the last elliot wave uptrend and close to the 200sma on the hourly chart.
Notes:
Evening star formed around the 618 fib retracement. I set my entry at the .764 above the morning star to allow for better entry
stochastic showing overbought with a sligh divergence to the downside macd still showing decrease in upside momentum
What can go wrong: SL is set above elliot wave A point correction low. I could be wrong about C point making a final low closer to the 200sma and we could be at a new uptrend elliot wave extension at which point the current C point would be the starting point of the new elliot wave to the upside and A correction would be broken closing out my trade.
Trade fechado: objetivo atingido
TP reached in 6 hours elliot C wave correction terminated exactly around the wave 3/4 zone and just shy of the 200sma.
could continue to drop, looking for for uptick with a 618 -764 retracement to retest the low for an entry long to possibly start a new elliot wave to the upside
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