Long Kraken Robotics PNG.V as Wave 5 unfolds

Here triangle is going to end its formation very soon and a break to the upside is expected to unfold the green wave 5.

Triangle is a type of correction that always precedes the final movement in the larger trend.

If assume that wave 5 will be the same length (as waves 1 and 3 are equal in length), the price will go above 6 CAD.

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There we go!

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I believe we might go lower and touch upper edge of the smaller triangle before starting strong impulse up.

Trade active

June marks wave 5 start with the highest volumes in the company history.

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This is my updated EW count for the base case scenario where we are in the black 3 of green 5 now (the green 5 is wave this idea was created for). I expect the green 5 to touch upper edge of the greens 2-3-4 channel following a textbook 5 wave length prediction.

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Bearish RSI divergence is looming over on weekly timeframe.
And wave 5 is close to completion.
I decided to trim the half of the position at 3.86 CAD.

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This is the count, however it might just 1 of 5 which would mean there could be larger profit.

Trade closed: target reached

I closed position and moved profits to different ideas.
I don't think wave 5 is completed but time will tell.

evgenii_tr_tech

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evgenii_tr_tech