Guys, last one for the night. I REALLY like this one. I may enter this trade soon because I think we may be near done with the consolidation phase. The Daily MACD is still pushing down, but this correction is reaching near the same length as the previous wave 2. I will look for signs of reversal and possibility of a failed breakout. But I think I'm placing priority on this one until I see that it is likely to not take off until a while later.
Entry: Below $0.062 Stop Loss: $0.04 OR on signs of bearish reversal Target 1: $0.165 Target 2: $0.199
Chance to Gain: 225.11% Chance to Lose: 34.22% RR: 6.58
Time-frame: 1-2 weeks or more
Komen
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So here is another look at this correction. I don't know how much longer it can stay in this wedge, but we also have to be careful of the possibility of that failed breakout. So I'm very close to entering this trade. I'm just staying as patient as can be (and I'm waiting on another trade to go through haha).
Komen
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I'm seeing some bearishness on Sia. I will likely wait to see how this plays out to see if I see something that I like before entry. Remember that these are ideas that are likely to cultivate over time, we must adapt to what we're given and never pull the trigger too soon.
Komen
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So this is what I'm seeing here. Not an unusual correction, but I believe that we are actually in the formation of a cup and handle. And this is what it may look like. It is possible that we correct for the next 1-2 weeks. I will keep my eyes on this one very closely.
I think this is a chart showing bullish patterns....BUT......I do notice a double top forming at the 2 pivot. I guess it depends if the current down trend continues to the previous low or not. Because that will mean the difference between a neutral channel or a bullish channel?
What do you think?
Elijah_Trading
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@derronpocci, I can agree with that! When I come across patterns like this, typically the best thing I can do is just wait and see what happens. Were in somewhat of an oversold "forgotten" channel right now. Which can be considered neutral. I see this being in a pretty low volume, flat consolidation for a while before it takes off.
SamSebeSam
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Dude! The wave III is the shortest one at your chart. Something went wrong :(