Don’t be a 1 Trick Pony, explore new concepts
This is not a short recommendation. This is a concept I picked up during my trading tenure thus far. When a 1-2-3 reversal pattern is obvious try this trick on any time frame. Since a 1-2-3 likely forms waves 1 & 2 in Elliot wave theory try to finish a wave count using a fib tool. Grab a fib and extend it until the 78.6 sits on the W-1 or wave 2 of the 1-2-3 reversal zone. Look for price to exhaust itself at the 0.0 fib that predicts a completed W-5. Impulse waves are counted in 5 waves with the 3rd being explosive and having its own 5 wave count. In this case we are at W-R2 profit zone and a '00' psych level in addition to Elliot & fib concepts. "IF" price fails to make new highs from here the 38.2 & M-PP & 233 could be the next buy zone. Hope you enjoy this concept.