Baba will see further upside as the wave analysis compliment it. We may be seeing a strong possible extension of the 3rd wave. Buying is strong
I'm still hopeful for an upside despite a strong sell-off for the past 2 days. hopeful!
Broadening rising wedge/megaphone is spotted and there might be a correction downwards before a rebound. So stay tuned. 5 waves triangle is in play. Ultimate sell down is near the top.
Our analysis date 26th June Long has reap us some profit after a bounce on the demand zone () we are going to add on the bulls as there is a strong momentum to test the supply zone which is the wave B target.
Sigh.. The sub-wave 5 is already completed and I mis count it. Cost me my entry short level at a very bad price. Need to be more careful next time.
The market is going to be on a range-bound mode. So what we can do is sell and buy on high retracement level. Anyway, let the chart speaks for itself.
The Index is maintaining its upside after completing a double three on an hourly chart. As such, we should see further upside to form sub-wave C of the 2nd wave. Selling zone remains at 26,9xx - 27,106, which is at wave C. July we will be seeing a grand sell down of the wave (iii) See report()
Apple broke new high last week and although price made some effort to edge higher, the bearish divergence may indicate a further sell-off. As such, the potential buying is around 320-327.
The market is still tugging within the ranging period. Formation of the falling wedge on the 4hr chart indicates a possible upside to test the top level at 78.6%-88.6% of wave (i).
In response to my earlier post on the weekly chart. Also the hourly chart () clearly indicate a potential selling zone.
The Futures did not have a grand sell down at the first supply zone ( Hence, we are looking at the higher ground to short.
Let's see if the double three will play out or not. Look out for my detail analysis on the daily chart.
Price recovered slightly after our short call yesterday, ()but we will be shorting based on the following factors. - Bearish flag formation - Supply zone is near.
Spot shorted a while when the 1000hrs candle open.
Dow futures may pan out as what i have posted earlier. Price is testing the support turned support turned resistance level at 27,328. (Refer to this post As such, we are having a wait and see approach, if price managed to edge higher, the next supply zone will likely be tested.
For traders who like to long, the key resistance at 0.62 is a key crucial level, rejecting it will see the bear resuming its sell down. The only thing supporting the bullish outlook is that the hammer found its support at the immediate support which confluence with the 50% Fibonacci retracement level of the whole bullish up move since 18th March.
I'm taking my chance to hedge my earlier short position. Bullish pennant will be confirmed once price breaks 27,332
Microsoft is probably staging an explosive breakout after a formation of a potential ascending triangle and a bullish engulfing candle last Friday. If all things fail, the support level at 180 should provide a decent rebound.