Citigroup - Expecting a short term correction to the downside Short

Citigroup, Inc.NYSE

Description

⋅ Sep 10, 2017 3:48 AM

Since the start of 2016, price has been rallying in a 5-wave structure to the recent high at 69.81 earlier this year in August.

RSI has formed a divergence as well, giving us another confluence of a potential retracement lower from here.

We are expecting price to correct to the downside towards 61.60 or even lower towards 56.44 area in the short term before another move higher.

*Disclaimer - ensure that you have analysed the fundamental of this company and do your own due diligence before trading.

Comments

BabaGoli

⋅ Sep 10, 2017 5:29 AM

Hi, good technical analysis, but I think where you marked a, b, c, (wave 4) is not correct, and it is a triangle with a.b.c.d.e ,, remain to be seen, very successful

KarYong

⋅ Sep 10, 2017 5:55 AM

@BabaGoli, thanks! to me, labelling can be very different among different traders, but overall the more important aspect i think is we are able to identify the directional bias and minimum expectation of where price has higher probability of heading :)

in this case, i see that as a running flat structure, for Wave 4 :)