We reached bottom of rising wedge formation. We should see dip, but might not be yet. I expect bounce from this level back up to top trend channel. Buy in levels updated to next fibonacci level down, $63. If this fails, we will look for amazing buy in opportunities at 61.8% - $55.00 ish. I expect current trend to resume, so price currently at $68 should be good buy in. Correction of bull market points to $63, or $55. As always, wait til trendlines are broken.
Keep in mind, 2 patterns emerge, parallels and a rising wedge. Long term is a rising pennant (red), short term is a channel that is yet unbroken (blue), and still might remain in effect. This could continue for some time before a real profit taking takes place.
IF current rising flag continues, expect bottom out to rise to $70, new fib lines will be drawn. Seems to be minor profit taking at the moment, but trend through industry looks the same, rising flag with bearish RSI. Correction expected.
Long term, this stock is a good buy at current price. OR wait until next fib ratio is reached if there is a correction.
Keep in mind, 2 patterns emerge, parallels and a rising wedge. Long term is a rising pennant (red), short term is a channel that is yet unbroken (blue), and still might remain in effect. This could continue for some time before a real profit taking takes place.
IF current rising flag continues, expect bottom out to rise to $70, new fib lines will be drawn. Seems to be minor profit taking at the moment, but trend through industry looks the same, rising flag with bearish RSI. Correction expected.
Long term, this stock is a good buy at current price. OR wait until next fib ratio is reached if there is a correction.
Comment:
It seems the rising wedge pattern with a decreasing buying volume has started playing out. Although the entire industry shared this drop, the entire tech industry also showed the same exact pattern. The chart I made back on June 27 shows the resistance zones, and the original upward trend, we may reach the bottom channel of that upward trend, but I think we will see strong support at that point.
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