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. ****