Boeing Update with FIB Levels & 5 Wave Sequence
It appears BA is currently in Wave 3 of a possible 5 Wave sequence. Each wave has it's own series of impulse waves within the larger overall wave. Key areas to look for as the chart develops:
215.37 has been a good area of supports and any drop below this could bring the following retracement levels:
Retracement Levels:
(.382) - $205.25 - Hit this level in pre-market on 12/21/20 and immediately sprung to 223.65
(.50) - $193.08 - For FIB Level traders, this is generally the level they look to take a "starter position"
(.618) - $180.90 - Considered a great FIB level for taking a long position to the upside.
*** Any break below the .618 level would be a major concern and not healthy ***
Most FIB traders are looking for "profit taking" at the following extension levels:
(1: $261.85)
(1.382: $307.85)
(1.618: $336.26)
The MFI ( Money Flow Index) continues to be oversold on both the 4HR & 1 Day timeframes signaling a bounce could be coming soon. The weekly chart is setting up a possible Cup & Handle so keep your eyes on it as the charts progress.
GL
215.37 has been a good area of supports and any drop below this could bring the following retracement levels:
Retracement Levels:
(.382) - $205.25 - Hit this level in pre-market on 12/21/20 and immediately sprung to 223.65
(.50) - $193.08 - For FIB Level traders, this is generally the level they look to take a "starter position"
(.618) - $180.90 - Considered a great FIB level for taking a long position to the upside.
*** Any break below the .618 level would be a major concern and not healthy ***
Most FIB traders are looking for "profit taking" at the following extension levels:
(1: $261.85)
(1.382: $307.85)
(1.618: $336.26)
The MFI ( Money Flow Index) continues to be oversold on both the 4HR & 1 Day timeframes signaling a bounce could be coming soon. The weekly chart is setting up a possible Cup & Handle so keep your eyes on it as the charts progress.
GL