MARA - It's a Marathon not a sprint. Join me for wave 5.
I am long on MARA at these price levels. Here is why:
- The Elliot wave theory seems to be taking play here and it looks like we are about to start impulsive wave 5 after seeing corrective wave 4. Follow the patterns.
- The RSI is bottoming out (oversold), perfect conditions for the tide to turn after a steep correction.
- We seem to be bouncing off the 1.618 FIB, which we must hold or I think we will break down to the .618 FIB and bottom resistance levels around $8.
Everything is not matching up perfectly on the chart, but damn near close.
Your feedback and thoughts are appreciated!
- The Elliot wave theory seems to be taking play here and it looks like we are about to start impulsive wave 5 after seeing corrective wave 4. Follow the patterns.
- The RSI is bottoming out (oversold), perfect conditions for the tide to turn after a steep correction.
- We seem to be bouncing off the 1.618 FIB, which we must hold or I think we will break down to the .618 FIB and bottom resistance levels around $8.
Everything is not matching up perfectly on the chart, but damn near close.
Your feedback and thoughts are appreciated!