IrvingAlexis

IQ (elliot wave with ABC correction)

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IrvingAlexis Uppdaterad   
NASDAQ:IQ   iQIYI, Inc.
IQ is ready to go again.

It's a young Chinese stock, apparently the Netflix of china with better features and we all know how Netflix is doing.
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IQ is currently lacking volume (interest), this stock needs some good news for it to break out of this downward channel (purple).

possible bear flag forming (Red)
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Bear Flag was broken
.786 Fibo was retested
trendline broken

I will be looking for this Stock $25-$27 and re-accessing
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Buy order at $27 on the .236 Fibo
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Seems like IQ is best trading on the 2 hour chart
We saw it consolidating around the .786 Fibo
Rejected the 200 EMA where: (perfect time to buy)
- RSI did a tipple bottom
-Mac D was going up

Moving Forward, potential entry at $33
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