Shelf drilling strong buyShelf drilling in a strong positive trend.
Cup w handle in short term
Ascending triangle mid-long term
We're hitting at least 13
SHLFO trade ideas
Bullish elliot wave count for SHLFElliot wave count suggesting Primary wave 5 for SHLF. All the relevant measurements are mentioned in the count
Take this with a pinch of salt since i am still learning elliot wave theory
SHLF looking bullish, looking for entrySo very brief analysis of SHLF, as it is definitively giving signs of life.
We have just arrived at major resistance that previously acted as support for a long time. So expecting a retrace from here, before even looking for a buying opportunity.
Furthermore a gap was left behind at 2.48 yesterday that will likely get filled. And we are inside the daily cloud --> consolidation.
I see 3 possible scenarios:
GREEN, Very bullish:
We break resistance and out of the cloud, we retest and continue up. Buy on the retest.
ORANGE, "normal":
We fill the gap, retest the bottom of the D cloud and find support in the cloud and on the 0.5 or 0.618 fib.
RED, "bottom formation":
We go back down looking for a bottom, possibly forming a double bottom or another bottom formation.
In conclusion; wait to see where SHLF starts to find support, or if it breaks up, look for the retest and buy.
SHLF reached my potential buying target, now what?SHLF made a huge plummet down after an equally impressive rise just before that.
Now, the gap at 3.70 has been filled and for now the trendline (blue) is holding. But it's not a buy signal yet. We need at least a confirmation in the candles and with the support structure before it becomes a buy.
- First start is there, the big wick on the current/last candle.
Now I want to see 2 things (maybe 3);
- Blue trendline holding
- getting above the support area (3.95)
(- retesting the support area (holding the trendline)
That's it!
SHLF buying opportunity?SHLF made a ridiculous breakout at the beginning of this week. Since then has come down pretty hard as well.
So looking for potential support and buying opportunities.
After the recent bottom formation the break out occurred after mounting the 3.80-3.93 resistance area. This could now provide support. Furthermore, if SHLF was to retest this level it would also touch on the upward trendline (blue) that has been established since the bottom, providing further support.
And finally also note the gap that's still there at 3.70.
On the ichimoku cloud front:
- We are above the 4h cloud and the top of the cloud is currently sitting at the same level as the horizontal support area.
- We are below the daily cloud, and got rejected after trying to enter at the beginning of the week. So let's see if we can find support to retry conquering the cloud on the daily.
