This is a very simple pattern that happens now, when the price is in the channel and RSI around 30. I expect a profitable long postion. (Disclaimer: Plesae do your analysis and do not follow me, I am not a profesional trader.)
Elkem Stocks in a bullish move and had in the last weeks a little sellof, so it can now be bought on the lower trend channel, with a good change risk profile.
Elkem producing wafers, which are essential "raw material" for the semiconductor industry.
Seems like a perfect bounce of the 0.618 fib level, which also coincides with the 50-day SMA. I'm new to EW theory but this seems like a clean third wave to me.
