High confidence Trade-setup for ACE Construction

ACE construction is forming a contracting triangle of waves ((4)).
To draw parallel lines, I have connected wave ((2)) & wave ((4)) and merged with wave ((3)).

Wave ((1))
– Five wave impulse

wave ((2))
– Sharp correction
– 50% retracement of wave ((1))

Wave ((3))
– Five wave impulse
– Power extend

Wave ((4))
– Contracting triangle
– sideways correction
– 38.2% of wave ((3))

Wave ((5))
– Wave ((5)) can be equal to wave ((1)).
– It can end near a 1.618% extension of wave ((4)).

We can expect the following targets of 273 – 292 – 320+ after the breakout of the B-D trend line.

In case, if price breaks the A-C trend line to completed wave E, it can fall up to 139. According to Elliott wave, wave (4) ends near the lower degree of wave 4.

In this chart, we can see the crossover of multi-exponential moving averages. And the price is formed a value area for more than two months.
If the price breaks out of this value area range, we may see an upward move for our targets. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.