Since fiscal stimulus announced by China, JD started to print an expanding diagonal which I labeled in black as 1-2-3-4-5. Currently, wave 4 is over (or will be over within a few days) and wave 5, the longest in such a type of diagonal, is set to unfold.
Which supportive evidence I found:
I believe JD will revert with strong impulse up in the coming days.
See divergences:
Which supportive evidence I found:
- wave 4 is formed as a double three as (w)-(x)-(y) and (y) contains and ending diagonal - see green impulsive wave down. The diagonal's wave 5 reached the lower edge.
- wave 4 retraced 61.8% of wave 3
- wave can be seen as a bullish flag - it nicely fits into the channel (I showed in green)
- both RSI and MACD show bullish divergence with price on daily
I believe JD will revert with strong impulse up in the coming days.
See divergences:
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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.