Channel B is a typical health uptrend. But things get out of control and went euphoric producing a Head & Shoulder at extended Channel A. Price fell back to Channel B and launched another break out but failed due to double resistance of neckline which is also Channel B resistance.
Subsequently, it was a one sided affair from the bears hitting price straight below channel B and culminated momentarily at downtrend channel bottom.
Using the simplest EW wave analysis i understand, i am seeing the maturing of wave 4. As highlighted in the blue resistance region, which arises from confluence of downtrend channel top + Channel B bottom + horizontal resistance. If there is a break out and price go higher, 200ema will be a good rejection point. If blue resistance is very strong, once price started to head lower.. i would consider wave 4 completed.
Essentially i am anticipating a final wave 5 to be in play which could be leveled around 77 or lower, by then we would have a lower low in price and higher low in both indicator to give a stronger signal to long.
Subsequently, it was a one sided affair from the bears hitting price straight below channel B and culminated momentarily at downtrend channel bottom.
Using the simplest EW wave analysis i understand, i am seeing the maturing of wave 4. As highlighted in the blue resistance region, which arises from confluence of downtrend channel top + Channel B bottom + horizontal resistance. If there is a break out and price go higher, 200ema will be a good rejection point. If blue resistance is very strong, once price started to head lower.. i would consider wave 4 completed.
Essentially i am anticipating a final wave 5 to be in play which could be leveled around 77 or lower, by then we would have a lower low in price and higher low in both indicator to give a stronger signal to long.
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.
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.