$JSEPRX - Prosus: Contracting Triangle Consolidation
Prosus stock has has an interesting trading history since listing in September 2019.
The stock made an all time high in January 2021 and and had a strong sell-off in a three wave zigzag to an all time low in March 2022.
The recovery from the all time low can be labeled in numerous ways but in the short-term, it does not really matter.
What catches my eye is the consolidation pattern from the 148820 peak.
This consolidation has been sideways after a strong rally from 73201 to 148820.
This sideways consolidation fits a contracting triangle which can be found in wave 4 of an impulse of wave B of a corrective pattern.
Triangles are tricky to forecast as complete but as long as 127025 holds, the focus is on the upside.
A break below 127025 invalidates the current count and a break below 122869 invalidates the entire triangle outlook.
The stock made an all time high in January 2021 and and had a strong sell-off in a three wave zigzag to an all time low in March 2022.
The recovery from the all time low can be labeled in numerous ways but in the short-term, it does not really matter.
What catches my eye is the consolidation pattern from the 148820 peak.
This consolidation has been sideways after a strong rally from 73201 to 148820.
This sideways consolidation fits a contracting triangle which can be found in wave 4 of an impulse of wave B of a corrective pattern.
Triangles are tricky to forecast as complete but as long as 127025 holds, the focus is on the upside.
A break below 127025 invalidates the current count and a break below 122869 invalidates the entire triangle outlook.