I hope the day is treating you well. Let's take a quick look at a couple of indicators on the 1d chart I have been following on an idea originally published by Alan Masters. He noticed an extended downtrend period that finally formed a solid bottom after several false alarms. OMG looks strong and is behaving strongly. Additionally during the market correction it managed to hold its value very well.
Let's start by noting the DMI. The is crossing over the , almost vertically, while the is falling. This looks to me. It is a sign that a new trend may be forming. You can see that the is crossing over into territory as well. The has also been trending upward since the 5th of February. There has also been some nice today. All these are really good signs that OMG is on its way up.
Studying the candle formations on the 1 day charts we can see that OMG is in the midst of a measured movement up. However, over the duration of the correction OMG has encountered some thick resistance between the 38.2% and 50% fib lines. Factoring in the mood of the indicators, I would not be surprised to see the resistance at these levels dissipate.
A breakout and close above the 50% fib line would be a safe and smart entry point if one were so inclined.
I hope you find this analysis helpful while you travel these chart-filled lands.
As always, trade safe and smart. And take luck!
Things are still looking great for the formation of a new upward trend. Considering the RSI levels on both the 1 day and 4 hour charts, I am expecting to see another touch of the top of the rectangle followed by an entry into the new uptrend @ around the .0018 level (solid purple line). The dotted purple line is what I see in my mind's eye. Lower volume on this climb back to the top from yesterday's decline also supports my gut feelings.
It's on the move up, up and away. Once we form a new peak, I will be able to predict where OMG will be heading next.
Hope all is well on your side! Let's get to it. Shortly after my last post where I stated we needed OMG to form a new peak, it did just that. It punched through my proposed new trend channel but bulls could not keep the rally moving and it has since fallen roughly 15% since the peak on Feb 16th. My mind's eye prediction was pretty spot on. This time I've applied elliott wave theory to the chart below to show a possible direction for OMG in the near future. The new green line should act as a support zone as it notes the beginning of wave 4. We can expect a horizontal triangle of sorts to form next. Considering we are in the midst of a bullish trend, an ascending triangle seems most likely to me. I've drawn one in from my mind's eye, again notated in purple. Additionally, the last two 4 hr candles were hammers signifying a reversal from the current corrective wave and the 100 EMA has been steady rising to offer support at the green line which further reinforces my predictions.
As always, have great nights or days, where ever you are. Trade Safe. Trade Smart.
I look forward to supporting your trades in the future!