Arbitrum Rectangle + Elliott Wave: Targets $1.6 or $1.93

4 Haz 2024

TL;DR Potential local bottom at $1.07, potential targets at $1.6 and $1.93

Arbitrum is still trading in its rectangle.
After a recent rejection from the resistance, today it retested $1.07.
If it holds, it would mark a perfect Wave 2 end (61.8% of Wave 1).
In turn, according to Elliott wave theory, this would set the Wave 3 target to $1.6 or $1.93.

🎯 $1.6 is also the rectangle breakout target, and a High Volume Node (HVN), so lots of confluence there.

I see two potential strategies for a long entry:

• The safe play would be to wait for a daily close above the resistance trendline, targeting W3 targets 1 and 2.
  
• The higher risk/reward play would be entering now, with a somewhat tight SL below $1.07, targeting the rectangle resistance first, then W3 targets 1 and 2.
  

In both cases, watch the $1.45 area because it is a previous support and HVN.

➡️Not Financial Advice⬅️

6 Haz 2024

İşlem aktif

No major moves yet, but TD Sequential is flashing a buy setup (red 9) on the current open candle, and it has been quite reliable in the past at signaling reversals.
My invalidation is still a lower low below $1.07, and the target is still $1.6.