IONQ seem to be starting final phase (Wave C) of downward correction. Breaking today's high would invalidate this wave C scenario as it's already extended a lot. Closing within the channel during this week would be preferable for this scenario. Wave C should take us to the red box.
Note: This is my first idea. Feel free to provide suggestions to improve.
Note: This is my first idea. Feel free to provide suggestions to improve.
Note
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Wave 1 is completed and wave 2 is in progress. However the confusion is that whether wave 2 (ABC) is completed or still in progress. I am suspecting at least 45 level to be reached. If we start with a sharp downside movement now or from 45 level then we can assume that wave 3 has started.
Breaking previous high of 49 would invalidate this. There is also a scenario of the downside move becoming a WXY structure as the C wave from 46 to 17 looks like ABC.
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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.