Bcpt Should you buy?

If you've been following my posts on BCPT you will notice I've deleted the previous elliot waves I had. The waves I drew failed so I've done a recount. We can see that the price bounced off the 200 ema which is important. In almost all my posts I mention the 55 and 200 ema and how powerful they are. In one of my earlier posts of BCPT I mentioned how we should see a bounce off the 55 ema which it did. That resulted in a 20% bounce. It wasn't enough to cause a trend reversal and quickly fell back down. Unfortunately I didn't mention the possibility of price bouncing off the 200 ema. If you had put a buy order around the 200 ema you would be looking at another 20% gain. This shows you how powerful these ema's are and is a strategy used by many. Traders rely on these ema's to act as support which will generate quick easy gains. So keep that in mind the next time you see the price falling to either of those indicators. That strategy alone can be very profitable.

The macd looks like it wants to cross over, the rsi is shooting straight as well as high volume. Price ran into some resistance but it is currently obvious that there are more bulls than bears. The current candle on this 4 hour chart will be closing in 30 min so we will look at where it closes relative to the ema's. I've drawn two red resistance lines. If price manages to reach that area I am expecting resistance and uncertainty of the the direction price. We will see if this new elliot wave pattern holds to be true.

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Check out my most recent post of a head and shoulders formation