ALGOUSDT|Bull trap or Pullback? Ending Diagonal Wave Projection
Algorand / TetherUS BINANCE:ALGOUSDT
Price action and chart pattern trading setup
> Falling Wedge Ending Diagonal – Bull Trap or Pullback?
> Entry @ downtrend line breakout of wave 2 and wave 4 or SMA50 zone
> Stoploss @ the lowest minor wave iii/v estimated position – downside limited for final wave 5 -10 – 15% and can be truncated
> 1st target at wave 4 position for short term trade and wave 2 position for the medium term. SMA200 is the key dynamic resistance
> RRR: 2:1 for short term and 3:1 for medium term
Always trade with affordable risk and respect your stoploss.
