1) C wave projection could go up to 1.618 but we will remove this hypothesis as we don't want to see the the C going below 61.8% of wave 3 at 3600.
2) 61.8% is where I see that the C wave could go at max. So my SL should be place below if I decide to enter a position when the trend goes lower.
3) Confluence: 78.6% (C wave) and 50% (wave 3) are aligned
Same for 100% (C wave) and 61.8%(wave3).
How to trade this?
It's quite common to see the price action to go exactly in-between fibs levels.
What's important to understand is that anything between those 2 levels (included them) is a sound BUY entry.
SL should be placed at 3515 below the 61.8% level.
2) 61.8% is where I see that the C wave could go at max. So my SL should be place below if I decide to enter a position when the trend goes lower.
3) Confluence: 78.6% (C wave) and 50% (wave 3) are aligned
Same for 100% (C wave) and 61.8%(wave3).
How to trade this?
It's quite common to see the price action to go exactly in-between fibs levels.
What's important to understand is that anything between those 2 levels (included them) is a sound BUY entry.
SL should be placed at 3515 below the 61.8% level.