Good morning traders, today we want to show you our bullish projection on X, since we consider that it has excellent potential for the medium-long term.
🔸To achieve this analysis, we draw the corrective pattern on the monthly chart that has been taking shape since the great fall of 2008, it is a kind of wedge.
🔸The main characteristic of the wedges is that they are composed of 5 ABCDE waves, and in the current figure we see that 4 of the 5 have been formed.
🔸Wave D generated a double bottom in the previous support zone, and since then the price has been rising aggressively, which shows a lot of buying strength in this stock.
🔸We consider that wave E is happening right now, and the target zone corresponds to the Descending Trendline, which is in confluence with a supply zone.
🔸This upward movement corresponds to a rise of approximately 50% in the price.
🔸To achieve this analysis, we draw the corrective pattern on the monthly chart that has been taking shape since the great fall of 2008, it is a kind of wedge.
🔸The main characteristic of the wedges is that they are composed of 5 ABCDE waves, and in the current figure we see that 4 of the 5 have been formed.
🔸Wave D generated a double bottom in the previous support zone, and since then the price has been rising aggressively, which shows a lot of buying strength in this stock.
🔸We consider that wave E is happening right now, and the target zone corresponds to the Descending Trendline, which is in confluence with a supply zone.
🔸This upward movement corresponds to a rise of approximately 50% in the price.