Dear Traders,
We were all excited when LI stock started to reach it's ATH in November but it has been on a down trend since then. A lot of its supporters have bailed out and are waiting for it's next big move. Is that big move now? Based on this analysis, we have a strong price rejection at our major support line shown in red, which could a sign of trend reversal. We still need confirmation if that's the case. It looks like the Elliot correction waves C is almost completed today but again we need to see another price rejection at 33.50. If that happens then with a little bit of turbulence on the way, the target should be between 50-55. Otherwise, we have to go back to square one and see if the next support at 18 will hold this up. Let's see how things unfold.
Of course, market does whatever it likes to do and these prediction might not mean anything but should give us a clue while we keep an eye out for CRSR price action. Also this is not a financial advice and I'm not a financial expert.
If you enjoy this analysis please give me a thumbs up and leave a comment. This will motivate me to keep going!
Thank you
AH
We were all excited when LI stock started to reach it's ATH in November but it has been on a down trend since then. A lot of its supporters have bailed out and are waiting for it's next big move. Is that big move now? Based on this analysis, we have a strong price rejection at our major support line shown in red, which could a sign of trend reversal. We still need confirmation if that's the case. It looks like the Elliot correction waves C is almost completed today but again we need to see another price rejection at 33.50. If that happens then with a little bit of turbulence on the way, the target should be between 50-55. Otherwise, we have to go back to square one and see if the next support at 18 will hold this up. Let's see how things unfold.
Of course, market does whatever it likes to do and these prediction might not mean anything but should give us a clue while we keep an eye out for CRSR price action. Also this is not a financial advice and I'm not a financial expert.
If you enjoy this analysis please give me a thumbs up and leave a comment. This will motivate me to keep going!
Thank you
AH
Trade closed: stop reached
Comment:
Square one, it is!
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Disclaimer: This is not a financial advice and all posts are for educational purposes only.
Disclaimer: This is not a financial advice and all posts are for educational purposes only.