Elliott Wave Analysis on PLUG: Potential Breakout
Hello, traders and investors. Before I dive into the analysis, please note that I am not a financial advisor, and this is not financial advice.
We're observing the Elliott Wave Theory in action here, where it appears PLUG has completed the Elliott five-wave pattern. The price action suggests we're currently facing resistance at a significant Order Block. Zooming into a smaller time frame, we can see that PLUG's price rallied from $2.26 to $5.14, followed by a retracement to the $3.34 level, which is shaping up to form an ABCD pattern. If this pattern holds, we're looking at a D target in the $8 range.
The broader Elliott wave count suggests a potential B wave pushing towards the $10 zone, a pullback to the C wave at the $7 level, and a D wave potentially reaching around $18( if we are able to break the 12$-13$ level).
Turning our attention to the RSI, we've seen multiple rejections, but the momentum indicates we might break through soon. A weekly close above $5 could open the path to the $7 to $8 levels.
Regarding timing, the cyclical time frame suggests a tentative target date of around May 24th for reaching the $10 level. While cyclical predictions are not always precise, they can aid in forecasting potential time frames for price movements. Additionally, it's noteworthy that the weekly Fear & Greed Index stands at -30%, which historically could signal a period when investors start considering entry points for buying.
Remember to do your own research and consider all market risks before trading. Happy trading!
We're observing the Elliott Wave Theory in action here, where it appears PLUG has completed the Elliott five-wave pattern. The price action suggests we're currently facing resistance at a significant Order Block. Zooming into a smaller time frame, we can see that PLUG's price rallied from $2.26 to $5.14, followed by a retracement to the $3.34 level, which is shaping up to form an ABCD pattern. If this pattern holds, we're looking at a D target in the $8 range.
The broader Elliott wave count suggests a potential B wave pushing towards the $10 zone, a pullback to the C wave at the $7 level, and a D wave potentially reaching around $18( if we are able to break the 12$-13$ level).
Turning our attention to the RSI, we've seen multiple rejections, but the momentum indicates we might break through soon. A weekly close above $5 could open the path to the $7 to $8 levels.
Regarding timing, the cyclical time frame suggests a tentative target date of around May 24th for reaching the $10 level. While cyclical predictions are not always precise, they can aid in forecasting potential time frames for price movements. Additionally, it's noteworthy that the weekly Fear & Greed Index stands at -30%, which historically could signal a period when investors start considering entry points for buying.
Remember to do your own research and consider all market risks before trading. Happy trading!
Comment:
Bears are attempting to lower the price, but they seem unlikely to succeed and may soon face liquidation
Comment:
🚀 Predicting major moves ahead. Don't miss out on riding the green wave. Full analysis here:
