Hi Guys,
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!
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!
Comment:
Something to watch that i forgot to add. It be nice to see THIS WEEKS close above the 103 price level.