MasterTraeder

Trade Setup: Long Opportunity After Wave C CompletionOnce Wave C completes, it presents a strong opportunity to enter a long position, as corrections typically lead to the next impulsive move upwards in the broader trend.Profit Targets for the Long Position:Initial Target (T1): $96,500 – A retest of the previous horizontal resistance, aligning with the daily level.Secondary Target (T2): $99,470 – A revisit of the weekly resistance and a psychological round number.Extended Target (T3): $104,320 – The golden pocket zone (61.8–65% retracement) of the larger downward move.Stop Loss Placement:Place the stop loss below the 88,000 support zone, specifically around $87,900. This level is safely below the expected completion of Wave C and accounts for potential wicks.Risk-Reward Ratio:Entering around $92,600 (Wave C’s likely completion zone) provides an excellent risk-reward ratio:Risk: ~$4,700 (entry at $92,600, stop loss at $87,900).Reward: $3,900 to $11,720, depending on target level (T1, T2, or T3).Indicators Supporting the Analysis:RSI (Relative Strength Index):Currently oversold, indicating bearish exhaustion.Watch for bullish divergence as Wave C completes to confirm reversal potential.Confluence with Key Levels:Wave C’s potential completion aligns with horizontal support levels and Fibonacci extensions.Multiple timeframes show significant support in the $92,600–$88,000 range.Final Thoughts:The chart suggests a zigzag ABC correction nearing completion, with further downside likely in Wave C to the $92,600–$88,000 range. This presents an ideal opportunity for a long position targeting the next impulsive move upwards.Summary of Key Levels:Wave C Completion Zone (Buy): $92,600–$88,000.Profit Targets (Sell):T1: $96,500 (Daily resistance).T2: $99,470 (Weekly resistance).T3: $104,320 (Golden pocket zone).Stop Loss: $87,900 (Below key support).