targets are set in the chart based on fib retracement. We are on MA50 in daily chart which was support so far. all valid if we do not break the channel and stay above that new strong support
fractal pattern is clear in the chart. my hypothesis, down move (bellow $8500) by the end of the week.
Elliote in 4hrs candles shows high possibility of correction
Elliotte is getting completed (last wave). then based on momentum will go at least to fib support which is HMA143 support as well.
Q1 report just came. not much surprise. in ascending triangle. also on HMA 143 support. all looks potential to start rising.
Seems 5 waves of elliot have completed and we need correction. be careful that we are still in the rising wedge, so wait for braking the wedge, before getting short position. retracements are based on fib levels. also we are still in a downward logarithmic fib channel.
same expectation as before. just more accurate. based on this more chance to decline technically but fundamental Q1 report can change the game as well. both scenarios are visible in the chart. 1st we had a cup and holder pattern 2nd it increased on the elliot wave as expected from cup and holder 3rd both together put the pattern to the rising wedge 4th correction...
QSR is still in a rising wedge. based on stoch RSI and wedge, we can expect short. Just be careful!
technical chart is obvious. we will rise at least to the first fib line. next week is the quarter report and based on the fundamental news of reopening airlines, it is good time to observe it and buy when hits low.
also on monthly candles I saw 3 bull waves that need correct the stochastic RSI in long term. not a long term investment at this situation
first it broke the first support. why? because technically the chance was high (ascending triangle pattern). But now it is time to short. why? 6 reasons: 1- Rising wedge is clear in the picture and we are on top resistance trend line. 2- Although we broke the first support ( triangle pattern), it could not manage to break the main support. normally when we break...
MGM has 2 possible scenarios: 1- break the rising wedge right now and retest the support 2- go up in the wedge until the top of the wedge which is strong resistance at the same time and then due to some fundamentals like delay in opening Vegas or quarter reports decrease. lets observe next 4hrs candles and then we can be more confident.
end of elliot wave in 15min candles. ready to retest the supprt which is fib 0.618 as well.
overbought+ retesting fibo supports+ OIL ZERO PRICE!!!! who the hell will pay for electric car when oil is zero dollars???? ready for the SHOCK to the market!