Re-exploring..
Harmonics -
Bearish Butterfy micro,
Bearish Shark micro,
Bullish Cypher Mico
and Bearish Butterfly Macro
It appears to be in overbought territory (for now) IMO..due for a pullback. The magnitude of the pull back is the wild card. The beginnings of pullback/reversal are nearing around 74-76. The embedded harmonics are in overdrive. Could have several areas of possible re-entry at 68,58,or 50 dollars.If the Cypher bounce is in play we go much lower before a re-entry if the pullback is deep.
HOWEVER, for the DIE HARDS we have seen bearish shark formations pump this stock up over and over and we also have an embedded bearish shark playing out to the upside here.. and if it it dominates it can take us up very quickly to the completion of the macro pattern!
Best case scenario is a bullish bounce from 66-70 to the upside.. and with seasons changing a surge in demand for gaming tech could make this happen and push this upwards more- so do not rule out check up bounce despite the butterfly formation completing. Bearish patterns can have small re-tracements that point price action back to the upside on heavily demanded equities.
With the volatility in the macro market its difficult to project out. So I do have Elliot Wave in here for the 2nd leg of the Macro pattern - with the butterfly terminating on the 5th wave (making the shark call very difficult)...but keep an eye on price action.. if it goes over 74 in the near future its very bullish.
Youll need to scroll out on the chartprice for the Macro Pattern target to be seen. Its early to call the macro.. but we have 3 legs of it already completed on the harmonic Remember this Macro Harmonic could promote a truncation of the price action to the downside, so watch for the resistance pt (red line). Ideally pricing would want to support here- rather than fight this level. Below 67 long term and we want to use some caution for long term outlook.
For deeper pull backs- split the diff on the entry points- and we may see price action slowly decline and consolidate between 68 and 55 with a possible shakeout to 50 before macro pattern resumes. With seasons changing (people staying indoors more) the consolidation may not last long.. and then again it could go for months if this doesnt go the bullish route.
This just what I see for now.
Things are definitely running hot and pulling back across the board. Unemployment up- US Dollar weakening as well. The markets are tightening up and so I have to use more than 1 system for my analysis. We have Gann, Elliot and Harmonics here. Macro markets are slowly squeezing / behaving in tricky fashion for traders. Sets your stops - make those profits!
Leave comments below for other charts. Tips are welcomed!
Cheers!
Harmonics -
Bearish Butterfy micro,
Bearish Shark micro,
Bullish Cypher Mico
and Bearish Butterfly Macro
It appears to be in overbought territory (for now) IMO..due for a pullback. The magnitude of the pull back is the wild card. The beginnings of pullback/reversal are nearing around 74-76. The embedded harmonics are in overdrive. Could have several areas of possible re-entry at 68,58,or 50 dollars.If the Cypher bounce is in play we go much lower before a re-entry if the pullback is deep.
HOWEVER, for the DIE HARDS we have seen bearish shark formations pump this stock up over and over and we also have an embedded bearish shark playing out to the upside here.. and if it it dominates it can take us up very quickly to the completion of the macro pattern!
Best case scenario is a bullish bounce from 66-70 to the upside.. and with seasons changing a surge in demand for gaming tech could make this happen and push this upwards more- so do not rule out check up bounce despite the butterfly formation completing. Bearish patterns can have small re-tracements that point price action back to the upside on heavily demanded equities.
With the volatility in the macro market its difficult to project out. So I do have Elliot Wave in here for the 2nd leg of the Macro pattern - with the butterfly terminating on the 5th wave (making the shark call very difficult)...but keep an eye on price action.. if it goes over 74 in the near future its very bullish.
Youll need to scroll out on the chartprice for the Macro Pattern target to be seen. Its early to call the macro.. but we have 3 legs of it already completed on the harmonic Remember this Macro Harmonic could promote a truncation of the price action to the downside, so watch for the resistance pt (red line). Ideally pricing would want to support here- rather than fight this level. Below 67 long term and we want to use some caution for long term outlook.
For deeper pull backs- split the diff on the entry points- and we may see price action slowly decline and consolidate between 68 and 55 with a possible shakeout to 50 before macro pattern resumes. With seasons changing (people staying indoors more) the consolidation may not last long.. and then again it could go for months if this doesnt go the bullish route.
This just what I see for now.
Things are definitely running hot and pulling back across the board. Unemployment up- US Dollar weakening as well. The markets are tightening up and so I have to use more than 1 system for my analysis. We have Gann, Elliot and Harmonics here. Macro markets are slowly squeezing / behaving in tricky fashion for traders. Sets your stops - make those profits!
Leave comments below for other charts. Tips are welcomed!
Cheers!
Moorsc0de aka Crypt0nomics aka Zaphkiel
