I expect CHZ to retest the 1.618 Fibonacci level which was the summer low. We have a strong weekly bearish divergence along with a Wave 5 Elliott Wave top. I entered a short earlier today, so I’m able to play this out comfortably. As always, I will ladder more into my position and be ready for any move.
This chart based off of The Elliot Wave Theory, Fibonacci, EMA’s, MacD , RSI , Momentum, and resistance/support zones combined with patterns.
This chart based off of The Elliot Wave Theory, Fibonacci, EMA’s, MacD , RSI , Momentum, and resistance/support zones combined with patterns.
Comment:
I closed this trade for a 63% profit. The gains were too nice not to close it. I will renter a short if it comes up to a target I have in mind. I will keep y’all updated if that time comes.
Comment:
Entered another short at the Monthly resistance level after the 1hr candle confirmed an engulfing bearish candle. Let’s make more money.