Aurora ACB is continuing within a 5 wave Elliot structure, repeating its performance from August to October 18 highs. We are currently in Wave 2 down to the .618 Fib level, before continuing the rally in wave 3. Indicators are as well showing the same signals as in the previous rally (pink circles).
Buy levels around 5.60-5.80 USD
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Looks like a good bounce off close from the 0.5 Fib already, accompanied with some positive news, too. I would have expected a deeper retracement, but let's see where it goes from here.
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Looking at the previous 5 wave structure, there was also a green engulfing candle approaching the 200 MA, exactly like it is now. Last time it got rejected there once to finish the full wave 2 retracement before breaking up.
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Looking great so far, indicators still in healthy territory supporting the current uptrend. I expect the price to further appreciate into the double digit area before correcting. We broke through resistance above 8 USD (Top of wave B) decisively today. If price does close above it one might consider dragging the Stop loss below that number to secure profits.
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Hi guys,
sorry for the late reply. I'm currently traveling through Brazil and therefore am limited in my time on TV.
Back to the topic - The idea is not exactly playing out as expected. I've been asked by some what I think about the current retrace and this is what might be in play. As most of you know, each Impulse Wave within an Elliot structure is itself composed of another 5 wave structure. Looking at the current retracement, it could possibly be wave 2 of the larger wave 3 we are currently in. It cant be the larger Wave 4, because in that case the whole structure would be invalidated, since it enters Wave 1 territory.
Thanks for this update. I was just thinking about this idea earlier today. I'm happy ACB bounced off of the 200MA, showing at least considerable bull support. With the earnings they presented, and the expected growth as well as positive developments of purchased stocks, there is considerable upside potential.
Spellbound
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What're your thoughts after this week?
Mike_Geraci
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its loving your lines. Great job. Let's hope it keeps on path!
MisterCh0c
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You are a god
RauldaCool
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@MisterCh0c thanks, mate. However it‘s just a game of patterns and probabilities. So far turned out to be effective. No supernatural powers involved ;)
Barkworth
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Spot on, so far. I’m excited to see it try $7.50 again, and hoping for a big break. If not, I’ll likely double my hold at the drop.
RauldaCool
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@Barkworth, Another strong day and break of that number. Let‘s see, if we can reach the stated target before correcting.
It only confirms your third wave, and we'll be at $9-$10 at the time you projected. I'm pretty new to TA, but this triangle makes sense, and ACB tested it once today, followed by some moderate profit taking. The night is young. I'm hoping to see and hold $8.40. At least we seem to be clear of the weekly resistance(?)
saqibp
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any updates ?
Spellbound
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Do we have to retrace to the .618 or does .50 also validate the 2nd wave?