We expected a bounce... this big? honestly no. The gap fill was my original target @ $18.81, it hit and acted as resistance then broke through.
We are currently sitting at resistance @ $20.21, i believe monday will be a red day considering some of our indicators are bearish. If we drop down to the $18.81 expect a bounce, i believe we will try and test the downward resistance line @ $19.61. (Decision point #1) if we break expect a retest of the green trend line.
Elliot wave: Staying with my original count with this being a wave 4 retracement, if we move any higher that will invalidate the count and we would be looking at a wave 5 retracement instead of a 4. It looks like a flat and zigzag correction, If we break higher C is the next target sitting at 127% fib extension for the zigzag. It's rare for a wave 4 to break this high but it is possible
Indicators: MFI currently overbought with divergence
Tsv: Decreasing volume ever since the previous high creating a divergence
Overall i'm bearish but i think there is a legitimate argument that we could go higher so watch break of structure and volume.
Thanks
God bless
We are currently sitting at resistance @ $20.21, i believe monday will be a red day considering some of our indicators are bearish. If we drop down to the $18.81 expect a bounce, i believe we will try and test the downward resistance line @ $19.61. (Decision point #1) if we break expect a retest of the green trend line.
Elliot wave: Staying with my original count with this being a wave 4 retracement, if we move any higher that will invalidate the count and we would be looking at a wave 5 retracement instead of a 4. It looks like a flat and zigzag correction, If we break higher C is the next target sitting at 127% fib extension for the zigzag. It's rare for a wave 4 to break this high but it is possible
Indicators: MFI currently overbought with divergence
Tsv: Decreasing volume ever since the previous high creating a divergence
Overall i'm bearish but i think there is a legitimate argument that we could go higher so watch break of structure and volume.
Thanks
God bless
Comment:
i expect a fools rally... again we need to watch red downward trend line for break... let me know what yall think
Comment:
alt C is very possible
Comment:
woah that was a hard impulse, moment of truth tomorrow
Comment:
alt C hit perfectly at the 127% fib extension
Comment:
the reason you plan for alt scenarios.. dont stay one sided
Trade closed: target reached