ON could be rebranded OFF shortly as it appears to be coming to the end of a double top Wyckoff distribution.
From PSY with higher volume to BC price moves in an expanding corrective pattern showing weakness.
From BC to SOW it moves in a descending channel which could be seen as bullish but really I think it is only holding the area before a fall.
The descending channel does then see pump up to the previous high but there is a lot a bearish divergence from BC and so this appears to be UT - momentum is shifting.
A weekly close with bearish body would help confirm downside.
I also have bearish bias on Nasdaq from herein.
And so i think ON is going to have a nasty tumble soon.
Approximate target is support at $26.
From PSY with higher volume to BC price moves in an expanding corrective pattern showing weakness.
From BC to SOW it moves in a descending channel which could be seen as bullish but really I think it is only holding the area before a fall.
The descending channel does then see pump up to the previous high but there is a lot a bearish divergence from BC and so this appears to be UT - momentum is shifting.
A weekly close with bearish body would help confirm downside.
I also have bearish bias on Nasdaq from herein.
And so i think ON is going to have a nasty tumble soon.
Approximate target is support at $26.
Comment:
ON is running hot here, there's no need to hold and lose $. I may re-enter on bearish structure.
Comment:
Now has collapsed below resistance looks bearish to me and I have re-entered a short position.
Comment:
Major top is in I think and ON is going to get smashed. Going great so far 😸.
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