Price has overextended in a macro wave 3, the strongest and most powerful move described as a “wonder to behold” by Ellioticians. Novice investors are likely to get over-confident in these conditions, enter without risk management and keep chasing price upwards only to be underwater when it turns around.
Profit taking appears to be taking place, I have closed my positions waiting for re-entry. The weekly pivots have been ran.
Initial downside targets for wave (4) is the 0.236 Fib retracement at $39 followed by the 0.382, $26.43. Expect shorts to pile in adding to any downside momentum.
In the long term we have higher to go towards $100 in wave (5).
🎯 Terminal target for the business cycle could see prices as high as $100 based on Fibonacci extensions
📈 Weekly RSI is oversold with no divergence and can remain here for months as price keeps increasing.
👉 Analysis is invalidated if we close back below the weekly 200EMA
Profit taking appears to be taking place, I have closed my positions waiting for re-entry. The weekly pivots have been ran.
Initial downside targets for wave (4) is the 0.236 Fib retracement at $39 followed by the 0.382, $26.43. Expect shorts to pile in adding to any downside momentum.
In the long term we have higher to go towards $100 in wave (5).
🎯 Terminal target for the business cycle could see prices as high as $100 based on Fibonacci extensions
📈 Weekly RSI is oversold with no divergence and can remain here for months as price keeps increasing.
👉 Analysis is invalidated if we close back below the weekly 200EMA
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