Short BKNG after 5-down, 3-up

This 30m chart of BKNG (formerly Priceline Group) shows the standard "5-down, 3-up" pattern that is the most basic sequence in Elliott Wave theory. The corrective rally simultaneously hit the 50% Fibonacci retracement level and trendline channel resistance. Initiating a short position at 2110 and looking for price to roll over into the end of the month. Immediate profit target at 2035 with an extension lower. A move above 2185 invalidates the setup.

Trade geschlossen: Ziel wurde erreicht:

Target hit - closed trade for profit.