Just a wild trade idea. Treat this entire coin as a box range, turned on log fibs and saw this potential move.
100% fib level also looks like a good area to take profits.
The breakout is just an area for greed.
Not really investment advice, just observing if this could materialize.
I have a small position here since 200-period MAs are holding.
Who knows, WSB...
Disclaimer: I only used pure technical analysis for this trade, follow at your own discretion.
-Forecast suggests that this stock is poised for a breakout (ATH breakout candidate) after a bounce around the 50% area of the Lazy Fib (W2)
-W3 projection suggests that it might hit a new future ATH until 70
It has been months since I last plotted this and it exceeded expectations.
Initial assumption on the left retracement is that the subwave impulse is complete and is doing a long correction.
Good base so far.
Take note of the following:
>It can rally until the 100% of the right retracement if the overall market sentiment is positive.
>Otherwise, expect the stock...
If this goes higher later it's going to be baffling and if it does, it just might resist off the EMA 200 resistance of the Daily chart.
To be honest, the way China pressured Hong Kong today was perfectly timed for the next scheduled U.S. jobless claims. I think they're trying to make the Wall Street people turn into a bearish sentiment. 😅
Not to mention Hong...
It looks like a make or break for later, unless the Fed finds a way to fight the barrage of news that China and Hong Kong has been throwing out. 🙃
It's either the end of the corrective wave (ABC) or an ongoing impulse wave (proceeding to wave 4 or it's trying to pull off an extended wave 3)
I know the news about Moderna is hype right now but technicals are showing a bearish divergence from the RSI.
Based on the "Lazy Elliott" Forecast, if you're going to assume this plot to be an impulse wave, wave 3 from this perspective might be complete already.
One way to verify is if the price closes below the 161.8% level, it might signal the start of wave...
Putting this forecast in the books.
And just like that, the price went back to $20 thanks to the pressure brought to you by May oil future contracts + June oil futures are also pointing near $20. 😂
***To be fair, I actually expected it to support at least the 361.8% area but you know sh*t happens and I rarely open up the 400% levels above. ****