CBRS is worth tracking after its post-IPO breakdown appears to be reacting from a potential Elliott Wave triangle thrust target.
The setup has several triangle traits: contracting structure, sideways consolidation, 3-wave moves, .618 reactions, and declining volume through the range.
The bounce from the thrust area is interesting, but it still needs confirmation. Price has not broken the lower high at 240.50 yet, so any long consideration on a corrective retrace before that break is aggressive.
The cleaner setup would be an impulse up, followed by a corrective retrace inside that impulse range. If that develops, 186.36 is the AOI I’m watching.
EWO is also showing early deviation, with equal lows on the histogram while price made a lower low. That supports keeping it on watch, but price action still has to confirm.
Levels:
• 212.34 = current retest
• 186.36 = corrective retrace AOI
• 240.50 = conservative bull trigger
• 271.94 = next upside level
Trade Safe, Trade Clairty
The setup has several triangle traits: contracting structure, sideways consolidation, 3-wave moves, .618 reactions, and declining volume through the range.
The bounce from the thrust area is interesting, but it still needs confirmation. Price has not broken the lower high at 240.50 yet, so any long consideration on a corrective retrace before that break is aggressive.
The cleaner setup would be an impulse up, followed by a corrective retrace inside that impulse range. If that develops, 186.36 is the AOI I’m watching.
EWO is also showing early deviation, with equal lows on the histogram while price made a lower low. That supports keeping it on watch, but price action still has to confirm.
Levels:
• 212.34 = current retest
• 186.36 = corrective retrace AOI
• 240.50 = conservative bull trigger
• 271.94 = next upside level
Trade Safe, Trade Clairty
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Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
More on the TradeDevils Discord discord.gg/p9bjnpwnMc
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.