Please see update for ZOM. After hour trading resulted in a strong impulsive continuation and an invalidation of the previous chart which assumed wave 3 was finished. Please see mapped price targets and sell points. Please leave comments and vote up!
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Target Reached! If you had followed this trade at the time of posting today, you would of had a 47% gain!
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Just a quick update. I consider the buy zone $2.07 to $2.15 but looking for a pattern to develop in that area and waiting for breakout to the upside!
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As I look at the chart, I see that there is a potential new trend line that is a little more aggressive then the overall trendline. This sometimes happens going from the 3rd to 5th wave. I have used a magenta line to mark this. If this is the case, it would make a lot of sense as the date it intersects the .382 is February 25th. Thus meaning we would be going up for the 5th wave in preparation of the product launch in March. Once again, I am not a financial advisor, and just showing ideas of what makes sense to me. The EMA's need to tighten and consolidate prior to make a big push for wave 5. I think we will be within this pattern until last week of February, but once again will be looking for a breakout. I will keep everyone posted as this develops further!
As I look at the chart, I see that there is a potential new trend line that is a little more aggressive then the overall trendline. This sometimes happens going from the 3rd to 5th wave. I have used a magenta line to mark this. If this is the case, it would make a lot of sense as the date it intersects the .382 is February 25th. Thus meaning we would be going up for the 5th wave in preparation of the product launch in March. Once again, I am not a financial advisor, and just showing ideas of what makes sense to me. The EMA's need to tighten and consolidate prior to make a big push for wave 5. I think we will be within this pattern until last week of February, but once again will be looking for a breakout. I will keep everyone posted as this develops further!
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Simplified
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I was just reviewing data from pre market. Target of $2.05 for a buy point was reached ore market this morning in Webull. My trading platform pre market starts at 9am. With that said wish I saw this sooner. I still think we need to consolidate for a healthy uptrend for the 5th wave.
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This is how we are looking on the 5 minute chart. Need to wait to see which way this triangle breaks. If it breaks up we could be looking at the correction already being over, if it breaks down look for it to retest the buy zone range.
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Here's where we are at. We have a lot of people that have stated that this is a bullflag, which is very possibly could be. My concern is that the EMA's are still stretched on the 30 minute chart, and if it broke out at this level, there is heavy resistance created by the points of wave one and two, thus the potential reward is low, unless is goes parabolic and breaks the long term upward trendline. My other concern with calling this a bull flag is that we do not have a definitive double bottom. If it breaks upward above $3.00, then we might be able to jump on for a quick 10% profit, but only if it breaks that resistance. This would be a quick trade, and you would have to be in at the moment of breakout to minimize your risk will maximizing your reward. Personally, I think we might see it fall south out of this triangle to create a stronger consolidation in preparation for the 5th wave.
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Just as I suspected and feared, we did not break what some called a "Bullish Triangle". Still need more time to consolidate.
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Possibility now of a double bottom bull flag. Lets see which way it breaks. It is important to have patience and wait for a confirmed breakout.
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Alright everyone, and this is why we wait for patterns to finish. Unfortunately during a pattern, news can break or the market as a whole can have a drawback as we saw today. That is why I look for clear confirmation that the price breaks out of the pattern in a positive manner. If you had no money invested, you lost no money. With that said, if you entered the position, hopefully you did so with a stop loss. I often say to close friends that take my advice, that sometimes the best trade is no trade, and this is a perfect example. We must be patient investors. Sure we may lose a little profit waiting for confirmation, but we will also avoid potential losses. WIth that said it appears it found support on the .618 extension, which is a very strong retracement. With that said, the previous pattern and chart was invalidated, and we will need to wait to see where we head. I will keep everyone posted as things develop.