Waves could be forming an inverse pattern
Waves which has been on VERY nice run since the 1st of August has gained 75% (at its peak) in less than week. Unfortunately in the last 2 days however, it has gone down about 10%, so what exactly is in store for WAVES?
To start off, If you look at the black line right down the middle on 7/22, you can see a very similar pattern forming on the right side that almost copies that pattern on the left. If it stays true, there is 2 different ways WAVES can go: (a) straight up along the red trendline until it hits 177k or (b) down until it tests a 146k/142k support line before climbing back up.
Based on what I see, I think option B might be most likely but like always, plan for yourself.
If it breaks 142k its a good idea to have stop losses in place.
Target 1 - 177k
Target 2 - 191k
Target 3 - 204k
To start off, If you look at the black line right down the middle on 7/22, you can see a very similar pattern forming on the right side that almost copies that pattern on the left. If it stays true, there is 2 different ways WAVES can go: (a) straight up along the red trendline until it hits 177k or (b) down until it tests a 146k/142k support line before climbing back up.
Based on what I see, I think option B might be most likely but like always, plan for yourself.
If it breaks 142k its a good idea to have stop losses in place.
Target 1 - 177k
Target 2 - 191k
Target 3 - 204k
Comment:
Targets in post are the correct ones, they werent adjusted on the chart