In the chart of Cloudflare, the last high should have set the top of the orange-colored wave b, which we count as a sub-wave of the larger (ii) in blue. Accordingly, we expect another setback to below the support at $75.50, where the reversal should finally be initiated in the blue Target Zone (coordinates: $67.96 - $57.11). Prices within this range can be used to enter long positions. Only a significant breach of the resistance at $86.91 would convince us that the price will rise imminently with wave alt. (i) in blue. This option is 33% likely.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.