FUBO "B" wave bottoming? First upside target 4.85USD?
This is a followup idea on my previous one where we "idezied" the bottoming process, which so far has been manifested. So far I see it as a huge (A)(B)(C) forming to the upside, hence the choppiness, which overall LIKELY will stay as 3 wave structure hitting a several year upside target of between 22 - 84 USD, too soon to projectile anything more proper target. Can it be something even more bullish? Yes, but it has to proove a lot in the upcoming years. In that case it is LIKELY to be a huge overall diagonal.
What I lean towards is that we are in the huge white (A) wave, unfinished still, within that we likely to have a big ABC structure, in which the "A" wave likely completed, and we are in the "B" wave down. I have already removed the 0.382 and 0.5 fib retracement levels, generally we are reaching/has reached a very good risk/reward ratio already for the long term.
As this could be the b wave down, it is quiet tricky, morphing, wavecount changing and evolving, and likely to have more choppiness. Even it COULD undershoot as still be valid, hence I have carefully, but constantly scaling back-in for long
Next support levels to watch: 1.65-1.50
After that: 1.30-1.20 (less likely, but CAN happen)
After that: 1.16-1.05 (even less likely, but CAN happen)
Currently we are below all meaningfull moving averages (9/21/50/180&200 day MA's), but within support.
I have added a "bearish" route/count as well, for the very long term I am still bullish even in that scenario, however likely to have 1 or 2 more swingdowns deeper to complete the yellow route big wave 5, and THEN (assuming no banktrupcy) would have at least a very strong correction to the upside.
What I lean towards is that we are in the huge white (A) wave, unfinished still, within that we likely to have a big ABC structure, in which the "A" wave likely completed, and we are in the "B" wave down. I have already removed the 0.382 and 0.5 fib retracement levels, generally we are reaching/has reached a very good risk/reward ratio already for the long term.
As this could be the b wave down, it is quiet tricky, morphing, wavecount changing and evolving, and likely to have more choppiness. Even it COULD undershoot as still be valid, hence I have carefully, but constantly scaling back-in for long
Next support levels to watch: 1.65-1.50
After that: 1.30-1.20 (less likely, but CAN happen)
After that: 1.16-1.05 (even less likely, but CAN happen)
Currently we are below all meaningfull moving averages (9/21/50/180&200 day MA's), but within support.
I have added a "bearish" route/count as well, for the very long term I am still bullish even in that scenario, however likely to have 1 or 2 more swingdowns deeper to complete the yellow route big wave 5, and THEN (assuming no banktrupcy) would have at least a very strong correction to the upside.
Trade active:
3batch of small positions for long ~@2.20, ~@1.85, ~@1.72 scaled back in
Trade active:
4th small position added for long @ 1.66
Trade active:
1st mid size position added for long @ 1.56
Also, we cleared one small GAP
Also, we cleared one small GAP
Comment:
Moving sideways while 0.618 big support box providing support. Altough I must say, this is looking more and more like a wave circle 4 correction for the yellow.
Trade active:
2nd mid-size position added @ 1.37
Comment:
Entering onto key fib support areas, one first support was hit (0.786 fib support) measured from the last big leg down.
Price should find support either for the white or yellow route starting now, down to the next extensions. So far no indication of a bottoming structure.
Price should find support either for the white or yellow route starting now, down to the next extensions. So far no indication of a bottoming structure.
Comment:
Likely we will hit 1.26 as the next target. I have added a micro-count, but it is fragile. Starting likely the last, 5th sub-wave down.
Trade active:
3rd mid-size position added @ 1.25
IF however it is not a WXY, then the yellow wave 4 wont be able to break above 2.29 USD comfortably, for that the red resistance box is adjusted. In that case we will have an other big a-b-c structure to the downside. That is not my main focus though.