Good morning, traders. Price took the road more traveled this past year and moved to the downside a bit. As I warned yesterday, traders should've been waiting for a confirmation in either direction which could've been either the close above the swing high or below the swing low, or it could've been the close above the triangle's resistance or below its support. The thing I'm watching most at the moment is the H12 MACD histogram. It is currently printing hidden bullish divergence (lower lows on the histogram but higher lows on price between December 3rd and today so far. I say so far because we need to see a shorter histogram print to confirm this divergence. As such, price could fall further before printing it.
The H12 chart shows the possible 5 waves up as well as the bull flag that is printing. A move up and out of this flag should have a target that is about $1114.56 above the point at which price pushes through and continues out of the flag. This could get price up into the $5000s if it happens sooner rather than later. We also know that a potential HS is printing as well, though I remain concerned about the volume in the head of that pattern. A completion of this pattern should have price targeting the mid-$5000s if it happens sooner rather than later.
I'm still not convinced of this wave count at the moment, though, so I am watching for signs of movement as price and RSI push through support and/or resistance. If the count is correct, then I have a proposed target on the 15 minute chart. But the shortness of the proposed B wave is giving me pause as to the correctness of the count. This 5 waves down could also be the A wave, with the 3 wave B upcoming, followed by a possible 5 waves C down if it is a zig zag. So, if price pushes through the red descending dotted line then my expectation is up, whether it be for the larger wave 3 or the smaller wave B. The latter should give us a target of $4050/$4100 or so. I'm just having trouble at the moment squaring up a fifth wave down if it does push through that red resistance at this time.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
The H12 chart shows the possible 5 waves up as well as the bull flag that is printing. A move up and out of this flag should have a target that is about $1114.56 above the point at which price pushes through and continues out of the flag. This could get price up into the $5000s if it happens sooner rather than later. We also know that a potential HS is printing as well, though I remain concerned about the volume in the head of that pattern. A completion of this pattern should have price targeting the mid-$5000s if it happens sooner rather than later.
I'm still not convinced of this wave count at the moment, though, so I am watching for signs of movement as price and RSI push through support and/or resistance. If the count is correct, then I have a proposed target on the 15 minute chart. But the shortness of the proposed B wave is giving me pause as to the correctness of the count. This 5 waves down could also be the A wave, with the 3 wave B upcoming, followed by a possible 5 waves C down if it is a zig zag. So, if price pushes through the red descending dotted line then my expectation is up, whether it be for the larger wave 3 or the smaller wave B. The latter should give us a target of $4050/$4100 or so. I'm just having trouble at the moment squaring up a fifth wave down if it does push through that red resistance at this time.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.