MRVL continues it's path down to 34 USD supprt zone
It seem that MRVL has completed its corrective wave B (at 0.786 retracement) and continues it's path down to its first support zone at 34 USD below the low of wave A.
Conditions which confirm or invalidate this analysis has been shown on the chart. There are two support zone at 34 and 29 USD. These two price reversal zones (PRZ) have been formed by two different types of Fibonacci (Projection and extension).
Stochastic indicator in both daily and weekly time frames is currently bearish.
I will show you how to choose between two mentioned support zones to enter into the trade (go long) based on internal structure of wave C when it shows its pattern.
Wish you huge profits!
Conditions which confirm or invalidate this analysis has been shown on the chart. There are two support zone at 34 and 29 USD. These two price reversal zones (PRZ) have been formed by two different types of Fibonacci (Projection and extension).
Stochastic indicator in both daily and weekly time frames is currently bearish.
I will show you how to choose between two mentioned support zones to enter into the trade (go long) based on internal structure of wave C when it shows its pattern.
Wish you huge profits!
Comment:
Prediction is confirmed. Now we have a trade below 43.65 which means this low is not the last low anymore. MRVL goes down to first support zone as mentioned on the title.
Comment:
We are in wave 3 of 3 or C. Any move up will be temporary and is just part of subdivision of mentioned wave. Try not to get excited and do not go long with these kind of move ups unless you find any strong reason.