EDITAS bottoming in process, turnaround soon, target min ~22 USDEDITAS could be in the bottoming process, I am watching it for a few years now.
We have a falling broadening wedge, on which we had a breakout already. This is part of a bigger falling wedge (blue).
It is techincally possible, we had put in the lows at 6.35 as a wave 5 (as an ending diagonal), which is part of wave V as a last wave, of the biggest Wave (II). This would indicate, for quiet a few years we have the lows.
Now, it is possible (~20%) that the wave(II) can extend, and that currently what we are forming is just a wave(IV) as a bigger ABC correction, but we should NOT ignore this good opportunity.
In the primary scenarion (bottom is in place): we already had a 5 count up (sorry for the inconsistency in the colors and the letterd counts) as a diagonal, completing the orange wave I (or wave A) up, and now, alongside with the news that shares are issued, we are having the orange wave II as an abc pullback. Due to the impulsiveness, this is certanly an a wave down, and it does not seem finished yet. It will be followed by a b wave up, and then agan a c wave down.
I have marked the turnaround/support boxes.
Possibly, with the abc we could form a head and shoulders (but target wont be reached). We would like to have the turnaround optimally in the green box. It could have a deeper pullback, so chances are, it will drop to the orange box. (I am scaling in)
Under the orange box is what I call the "danger" zone; it COULD still turn around, but more often than not, it is just not playing out, and being extremely risky, signaling, that possibly new lows are coming
I have already made 3 positions opened between 8-9 USD from previous months (accumulation)
Strong support (which will be my scale in zones for further accumulation):
~8.80
~8.40
~7.75
I am also swing trading it(several days->weeks, shorting/buying) on a short frame based on elliott counts/luxalgo/support zones/MA's. (i.e.: if a wave seems done, put in a hedged long for 3 counts up for b wave, then short it down hedged till .618 OR 5 counts down)
On the daily:
RSI is cooling down from overbought levels, and MACD possibly diverging (already converged)
200 day MA is rejecting us,180 as well.
15day SMA, 21day EMA, 9day SMA rejected us.
50/52 day SMA is below us, but with the bottoming/pullback likely we will sip below that (but converging upwards)
On the weekly:
we getting rejected for a while on the 9.85 levels, indicating a pullback for many weeks now (again, my primary scenario it wants just a wave 2 pullback in)
RSI is pulling back, but have not diverged with the trendline, and possibly will not, i expect to provide support
MACD is coming up nicely to the base level, but deccelerating.
Invalidation for the setup is the brushed yellow line.
