Eli Lilly Oversold on the Monthly RSI.
RSI and MacD are both indicating bearish divergence.
Repeat on Head & Shoulders Pattern
Stock trading at 50x of earnings (forward P/E is 20), PEG ratio of 3.50! Price is 9x book value.
High Risk to Reward Ratio
3.8 to 1 with a large stop of $5.50
6:1 or better with a stop above the swing high
Bullish Divergence appearing at the bottom of this falling wedge.
Similar setup on BTC from before on a similar falling wedge.
Expect price to retrace the move towards to the .618, although with so much bearishness lately (maybe close position at .5 fib)
To keep in mind, it would be nice if this was the bottom for BTC but i'm not claiming that's whats happening.
Bitcoin is about to start a new 5-3 Elliot Wave pattern. Markets repeat themselves and bitcoin is headed higher, especially since the good news about lightning network.
There is also an upside down head an shoulders pattern formed within the end of the first 5-3 and the beginning of the new 5-3