Color Code Elliott Wave Strategy on $TRB
Our previous setup has performed well, as seen in the first chart. Although the arrows indicating target prices are for visuals only and not entirely accurate, the prices do align with my targets and act like magnets to the candles.
Introduction to Color Code Elliott Wave Strategy
I'm not an Elliott Wave expert, but we're currently applying this strategy to our first chart which is displayed below.
As we can see, we are in the midst of wave 3. Historically, wave 3 tends to be the most profitable in this strategy.
Wave 3 has the potential to reach the maximum target, indicated by the green line on the chart, as shown by the blue arrow on our TRB chart (for visuals only). Currently, wave 3 is within the valid zone, where a reversal could potentially occur. However, wave 3 has not yet shown any reversal structure.
Second Scenario: Market Consolidation
Alternatively, the market may consolidate and form a box with a support level at 111 and resistance at 150, as illustrated in the fourth chart. If this consolidation extends for several days or weeks, it could signify a strong accumulation phase. In this scenario, a breakout is highly anticipated, often referred to as [The Manipulation Phase].
Disclaimer
This analysis is for informational purposes only and should not be considered financial advice. Trading in financial markets involves risk, and you should only trade with capital that you can afford to lose. Always conduct your own research or consult with a professional before making any trading decisions.