Circled, is an hourly reversal candle, followed by a confirmation. This is the first sign that the top may be in, or near. The after hours move looks bullish, but stopped at the 1.272 extension of the drop. It is a 3 wave move, so we could be looking at the hourly reversal candle to mark the orthodox top. Gann teaches us that volume is often the highest near or at tops.
$65.73 is an important level. We may need to consolidate before breaking it.
We would have completed wave 3 of 3, and after a decent wave 4, we should see wave 5. But these moves take time, and waves 5 don't always make new highs...
The fact that the bounce went well past the 1.618 extension of the first two waves, could be the first clue that we have some more upside in this move. We do have a decent series of extended waves, so we could see a nice series of 4-5's. Still, it is important not to get greedy, and lock in some gains.
$65.73 is an important level. We may need to consolidate before breaking it.
We would have completed wave 3 of 3, and after a decent wave 4, we should see wave 5. But these moves take time, and waves 5 don't always make new highs...
The fact that the bounce went well past the 1.618 extension of the first two waves, could be the first clue that we have some more upside in this move. We do have a decent series of extended waves, so we could see a nice series of 4-5's. Still, it is important not to get greedy, and lock in some gains.
Nota
We still have a nice series of 4-5's to complete though, but the higher the degree, the longer the time.Nota
I am looking for a minuette (iii) top today, possibly reload around $50.
$46.78 is the level to hold for bulls to maintain control.
Nota
As for other possibilities, any wave 5 can extend, just as much as any impulse pattern can morph into a correction. I am expecting the (iii) top to occur pre market, and it will be exciting to see if we open in red today, even if that may sound ridiculous.Nota
Target for today's move, somewhere between $75 and $94.Good luck!
Nota
Target reached, pre market, as proposed, but not sure if this is just a larger correction, or reversal.Nota
Should bounce at any of the given targets. But this asset could lose 50% and still look bullish. Parabolic moves don't consolidate sideways...
Nota
Industry wide sell off. I guess we'll see 3 to 6 weeks or ranging, perhaps some lower lows, before starting intermediate 5... I DO hope some of you were smart to sell into strength yesterday.
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🅱🄰🆁🅺🆆🄾🆁🆃🅷
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.