Mid term, it looks like theres now some overhead resistance as seen from the black lines at $1.66. Due to this overhead resistance, a bear flag could form and could see $1.37 again. Mid term, I feel bearish to neutral due to this resistance. Breaking above the resistance, possibly see a double peak at $1.97.
This isn't advice, only a hypothesis. Lets see how it plays.
This isn't advice, only a hypothesis. Lets see how it plays.
Comment:
Changed black lines to white.
Changed black lines to white.
Since my last post, there was a short wave up to my previous black diagonal line and the upper black horizontal line, which showed resistance as intended. If the previous idea does play out, price could touch the green bottom line before making another smaller wave up. Eventually creating a possible bearish pennant.
If the green line does break however, we could see the E wave being formed which could touch the black bottom horizontal line. If this scenario occurs, a buy order would be less risky buying around $1.37. A stop loss just below the black line at $1.37 would also be safe.
What do you think will happen?