looks like a minor correction is under way. my chart shows a short term potential play here. with a small push up to complete the wave 4. Wave 4's usually have 3 correct style waves aka an ABC. ultimately i show us getting dragged down to the 2.618 fib level that lines up with an area of previous support (green box). with that push down itll complete 5 waves and the opportunity to set in a short term long position will be ideal. watch that 200 EMA as the 2.618 fib level because it will add to the confluence as we push down to the target. we will likely bounce off that 200 EMA area. Look out for the 1hr and 4hr RSI to get into the oversold area but wait for them to diverge before entering a long position. more price action is needed to complete a bigger picture of whats to come but this could very well be the beginning of a trend change.time will tell. i hope this helps
200 day moving average is a lot lower then the $ 200 ++ dollars you have on your chart.
Heck the 50 day is $ 202.00
rigorocks
⋅
@ecramer, for the moving average it depends on what time frame you are using. i used the 1hr chart here. you might be reading your 200 EMA on the 1 Day chart?
I really hope you caught the trade.im a bit late responding but it hit both my targets right on the money :)
the question below: i did not show the fib pull from from the 189-229 but yes my target at 213-214 is the spot to go long. it is the .382 fib level and traditional markets love that range. more data was needed at the time of posting so i did not show the bigger fib pull. the chart i posted was intended to show a short term hourly play.
the 200 ema on the 1hr chart lines up pretty well with the .382 fib retracement level from 189-229 ranges.thanks for your input!
ecramer
⋅
Did you mean $ 204.68 would be a 61.8% FIB correction from $ 189.50 - $ 229.67
Your bullish it will have at least 38.2 FiB correction $ 213 and change range
Heck the 50 day is $ 202.00