We have a large Head n Shoulders formed and the price is on the verge of breaking below the neckline. The volume also supports this possibility. In Elliott Wave, this is mapped with Wave3, Wave5, and WaveB as left shoulder, head and right shoulder respectively.
From wave count as well, we appear to be in the beginning of a C wave down to complete the overall correction from the top.
Price is below 200DMA ($308)
RSI failed to break above 50 despite multiple attempts (red arrows)
Confirmation is below $285
Targets - $230, $185
This supports our wedge breakdown chart posted 6 weeks back
From wave count as well, we appear to be in the beginning of a C wave down to complete the overall correction from the top.
Price is below 200DMA ($308)
RSI failed to break above 50 despite multiple attempts (red arrows)
Confirmation is below $285
Targets - $230, $185
This supports our wedge breakdown chart posted 6 weeks back
Comment:
uh oh..price went below the neckline
Comment:
Target1 hit @$230 and we got a 30% drop overall. Notice the volume spike, the HnS playing out will cause more pain
