Solid Uptrend in tact but correction is due:
1) Rising Wedge Occurring with decreasing volume profile
2) A double standard bearish divergence. Price has made two higher highs and RSI has made two lower highs. This is occurring in the overbought area of the RSI (over 70) which makes the divergences even stronger.
3) Price is very far from the could and a C Clamp is occurring as well (Tenkan and Kijun are far apart).
What I would expect is a short term correction with price correcting to the Kijun at the least and possibly the 0.5 Fib level of the last extended move.
ELF is in an uptrend so a correction can be good spots to buy back in.
Not Financial Advice. DYOR.
1) Rising Wedge Occurring with decreasing volume profile
2) A double standard bearish divergence. Price has made two higher highs and RSI has made two lower highs. This is occurring in the overbought area of the RSI (over 70) which makes the divergences even stronger.
3) Price is very far from the could and a C Clamp is occurring as well (Tenkan and Kijun are far apart).
What I would expect is a short term correction with price correcting to the Kijun at the least and possibly the 0.5 Fib level of the last extended move.
ELF is in an uptrend so a correction can be good spots to buy back in.
Not Financial Advice. DYOR.