So BTNX been extremely bullish for obvious reasons pertaining to its MRNA tech and obvious Pandemic. But lets stick strictly to TA which i enjoy more than news and such.
I believe we are currently in Wave 5 of the Elliot Impulse Wave. Along with this idea, you can see the uptrend has been intact (Trendline). I have also added a 21 EMA which if price action is above it indicates uptrend or bullish trend. Also ive added 2 momentum indicators the Stoch RSI and MACD which are showing similar patterns to previous WAVE 0 and WAVE 2 before uptrends. Stoch RSI crossing over the 20 line with a sharp upward direction may indicate a trend reversal of the downtrend from $130 creating WAVE 4.
Volume compared to the start of WAVE 3 seems to be higher as well, which will need to continue.
Price action cannot go lower than price level at WAVE 4 for this theory to play out.
Thank you. Let me know what y'all think. I am a novice at TA and would love feedback, advice. Goodluck and please manage risk!
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Something to watch that i forgot to add. It be nice to see THIS WEEKS close above the 103 price level.