Road to the moon: LQTY, Impulsive Break of Structure
Updated
Elliott Wave:
We got pretty clean impulse up that checks all the boxes and respects temporary EW channel.
What follows are overlapping waves contained in base channel, so looks corrective.
Using EW guidelines we are expecting hit of a bottom band of a base channel around 100% of the length of first actionary wave of the correction.
Market Structure (SMC):
Move up changed character (ChoCh) and broke structure (BOS).
On its way up it left an order block (OB) on daily chart that was never tested.
Correction took out 2 liquidity spots where stops were resting which pushed price into the OB.
Is it a coincidence that everything pointed to same place and when it got there all my indicators on left side are showing divergence and price is under red channel?
We got pretty clean impulse up that checks all the boxes and respects temporary EW channel.
What follows are overlapping waves contained in base channel, so looks corrective.
Using EW guidelines we are expecting hit of a bottom band of a base channel around 100% of the length of first actionary wave of the correction.
Market Structure (SMC):
Move up changed character (ChoCh) and broke structure (BOS).
On its way up it left an order block (OB) on daily chart that was never tested.
Correction took out 2 liquidity spots where stops were resting which pushed price into the OB.
Is it a coincidence that everything pointed to same place and when it got there all my indicators on left side are showing divergence and price is under red channel?
Note
nice run that almost went external to the drawn impulse.not a bad trade, its hard to lose money on that move but not what that impulse implies. if that impulse holds its going for new highs.
check out my updated LQTY chart
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