ABX is approaching to (E) of ABCDE Elliot Wave Triangle (Wave 2) and the volatility contraction pattern (VCP) is ongoing.
It is a good bet here.
Target: 22
Buy: 16.80 (above EMA8 weekly)
Stop loss: $15.50 or $15.00
The market is weak and might have a correction in the coming weeks.
Here are some critical supports:
1) EMA 21 for protection or $236.37
2) $235.39.
3) EMA 55 or up trend line in yellow
The Q4 earnings is not pleasant and causes the #BIDU price down.
Cut loss for daily chart: $171.72
Cut loss for weekly chart: $159.54
If you still long #BIDU, it is an opportunity to buy the dip.
Right now the chart is at the end of a pennant lasted for two years. It is time for a direction selection, up or down.
The founder recruited a former high-level executive from Microsoft for reforming $BIDU completely. They plan to focus on AI for looking for next profit source.
