CAKE - Explosive Move Coming! 🎂
CAKE is one of the cleanest and easiest charts to read. We have a simple ABC correction and we're currently on the last bearish wave of C.
We are now waiting for the first bullish candle to appear, at which point we'll know we've hit the floor. On lower timeframe we can look for reversal price action to confirm the floor.
Trade Idea:
- Watch for the final leg to complete. This can be done by looking for bullish price action such as trendline breaks, BOS, RSI oversold etc.
- Once bullish price action appears and meets your criteria for reversal, enter with stops below the recent lows
- Targets: 17, 26, long term target 40
Will update this chart once we've hit the aforementioned floor.
Goodluck!
We are now waiting for the first bullish candle to appear, at which point we'll know we've hit the floor. On lower timeframe we can look for reversal price action to confirm the floor.
Trade Idea:
- Watch for the final leg to complete. This can be done by looking for bullish price action such as trendline breaks, BOS, RSI oversold etc.
- Once bullish price action appears and meets your criteria for reversal, enter with stops below the recent lows
- Targets: 17, 26, long term target 40
Will update this chart once we've hit the aforementioned floor.
Goodluck!
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