A sharp reversal may happen, according to the wave count in green. Potential downside target towards the origin of the ending diagonal at 135.595 (2017 April low) Note RSI failed to make new highs as price still pushing higher alternative count in pink or white
Either (a)-(b)-(c) for triangle wave {c} or 5 waves decline for flat wave {c}
waiting for Guppy-EMA to signal a buying opportunity to catch a potential wave 5 rally
Could be pink wave C of (C) of a Triangle or green wave 3-4-5 of (C) of a Flat both cases suggest further downside potential
The overall structure suggests another wave 5 of (5) rally is very possible the end of blue wave 4 is unconfirmed, it could be further developed as a triangle Also note wave (3) equals approx 2.618 times the length of wave (1) Divergence between price & technical indicators
If we are still in the middle of green wave b, there is a sub wave c to catch If however the pink a-b-c is the end of entire correction, the potential decline would be one degree higher Also note: pink wave b may not be a FLAT (sub wave {B} retraced less than 80% of sub wave {A}) nor a ZIGZAG (sub wave {C} did not exceed the end of sub wave {A}). Therefore...
looking for impulsive wave {c} decline and expecting equality in length between green wave {a} & {c}
sub wave {d} & {e} of yellow B are bit small, but a sharp reversal would increase the odd that this could be a valid wave structure
if the white A-B-C rally is end of correction, the minimum target could be re-test the recent low of 1.20613 assuming A-B-C= flat A, then flat B wave decline usually retrace 90% of wave A of flat more bearish case A-B-C = (2) then expecting wave (3) decline which could take multiple months, probably lasting more than 12 months alternative bullish case A=1 B=2 C =i
Looks like an impulsive rally from the bottom, could be the start of the new up trend. Alternatively, it is still moving within wave 4 of (C).
probably too early to conclude a significant top has been formed, but it seems very possible
Even if this is a (B) wave rally, the share price could re-test the previous high of $3.6 or retrace 90% of (A)
It smells like a short-term selling opportunity may arise
I guess all we need is just an impulsive decline to signal the reversal not quite confident about where wave ends, so another modest push to complete wave is also possible either way, the overall structure looks bearish to me