The wave 4 profit taking pullback has found support in our Red probability zone. Which represents a 75% probability that the price will return to the main and hit our automated elliowave 5th wave target zone now printing in on the chart. The pullback on our Elliottwave Oscillator during the wave 4 is between our 90-140% criteria.
Our False Breakout indicator shows yellow dots in the overbought zone, denoting strong momentum. Then when, during a wave 4 pullback, the pulls back against those false breakout dots and crosses in the oversold zone! It is highly likely the will return to the strong overbought zone.
We must still, however, be conservative on the entry due to the deep pull back into our red zone. Therefore a long entry at $71.45 is considered safe with a stoploss of 63.65. This still give a risk to reward of 1;1.6 to our automated target zone at $84.
Learn more about our Indicator Suite for the TradingView Platform >>>HERE<<