CHZ +68% after BULL signal 🚀🚀 Retrace imminent of Leg B?
CHZ pumped 68% (green price range) after the bull Supertrend Ninja - Clean signals (green vertical line on the background). A retrace is likely, see Elliot Wave Leg B. Which can retrace as far as 0.1250 (0.618). Finding support on the Ichimoku cloud. (If this is the top of Leg A.)
RSI isn't heavily oversold. Which means there is still room for more bullishness. I do see some bearish divergence forming on the RSI Brown. Which indicates a retrace is likely. If we take a look at the Average Directional Index ( ADX DI) its still in the bullish zone. Currently CHZ is above its Basis Bollinger Band, Band Basis 20 Period SMA . And above the LSMA as well.
A healthy retrace first, before another run up to form Leg C is a possible scenario.
Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
RSI isn't heavily oversold. Which means there is still room for more bullishness. I do see some bearish divergence forming on the RSI Brown. Which indicates a retrace is likely. If we take a look at the Average Directional Index ( ADX DI) its still in the bullish zone. Currently CHZ is above its Basis Bollinger Band, Band Basis 20 Period SMA . And above the LSMA as well.
A healthy retrace first, before another run up to form Leg C is a possible scenario.
Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
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