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
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.