Was expecting this drop but in a slower process to the purple support and then bounce out as per yellow line. The drop was quite impulsive, due to bad news resulting in sentiment and may develop a new pattern for more downside, but let's see how this one unfolds??
After reaching the maximum in March / 2017 in the amount of 1941.33 the shares of WPPL began to fall reversing the trend and assuming a sharp fall of 38.53% in 17 months.
Today it fell 6.77% before the report is the bears preparing for the report after market closed.
Reports: Mar / 17-fell 10.48%, Aug / 17-fell 11.56%, Feb / 18-fell 14.97%, Apr / 18-rose...
WPP shares are rebounding, through the level of the SMA55 bulls are on fire! That's at a level of 1475. Bulls are very strong if we are looking at a long term picture. The rebound undermines a potential long term downtrend which we can illustrate as an overshoot. Bulls are ready for takeoff. Target: 1575 and more to come
Another buy opportunity on WPP PLC
Entry - 1295.00 (making the bullish candle)
Take Profits : 1340.00; 1375.00
Stop Loss - 1281.00
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On monthly timeframe we can see that Elliot 5 waves have already comleted. From 2017.03.01 till 2017.11.16 Leg A is formed and retraced up from 50 fibonacci level. Time to go up till golden ratio to form Leg B. We can see that the price is going to break TL. Potential buy opportunity was when market made a hammer candlestick formation and elliot 2nd wave in a...