SUMMARY
The basing phase for Metal (MTL/BTC) has patterned out a very nice looking symmetrical triangle that divides well into ABCDE waves. This took nearly four months! Since Time is not a reflection of sentiment, unlike price; it can't be projected very well. However, the breakout into wae 1 seems solid and the current minor sideways action should end soon for wave 2. The remaining waves 3,4,5 should provide a 0.618 ot 0.78 retrace of the whole correction.
To me, it's always patterns, Elliott Waves and Indicators. The culmination of these quite often combine to signal a high impact, high confidence entries. Below is the daily MACD chart for MTL/BTC. Not the curling of the 12 day moving average (white line) getting ready to cross the red. Would this be the time to be taking SELLING actions or BUYING?
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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Tutorial on the use of Fibonacci & Elliott Waves
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