BULL CASE
Main Points:
1) MACD is crossing bullish
2) Equal legs target of wave A falls right where we bounced off, indicating the end of the 3-3-5 ABC correction
3) The uptrend from the Dec 24 low has retraced just above the 0.618 level indicating a wave 2 completion.
4) The next 3 projections (W3, W4 and W5) for this impulse wave land at previous resistance/support levels
Counter Points:
1) Stochastic RSI is close to overbought
2) Price is below the 200 MA and EMA
3) Ichimoku indicates red clouds ahead
Inference: $218 seems to be the key level to watch.
We can either bounce the 0.618 or fall and bounce from the 0.786 (more likely due to stoch RSI)
If we hold the 223 or 218, then we can confirm a wave 3 uptrend.
Main Points:
1) MACD is crossing bullish
2) Equal legs target of wave A falls right where we bounced off, indicating the end of the 3-3-5 ABC correction
3) The uptrend from the Dec 24 low has retraced just above the 0.618 level indicating a wave 2 completion.
4) The next 3 projections (W3, W4 and W5) for this impulse wave land at previous resistance/support levels
Counter Points:
1) Stochastic RSI is close to overbought
2) Price is below the 200 MA and EMA
3) Ichimoku indicates red clouds ahead
Inference: $218 seems to be the key level to watch.
We can either bounce the 0.618 or fall and bounce from the 0.786 (more likely due to stoch RSI)
If we hold the 223 or 218, then we can confirm a wave 3 uptrend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.