Yesterday, I went long at $179.32 when I saw an Ascending Triangle with resistance at $192. Price fell below the $175 level of ascending support in the Ascending Triangle, which perhaps suggest the Ascending triangle failed to work out.
Others people called that same formation a Bear flag instead of an Ascending Triangle because of the previous drop creating a pole.
Price movement & trend: - Broadly, major downtrend in force since December 2017. - More recently, still in a downtrend since March 6th. - 55 EMA is trending downward since the last peak of $192 - 9 EMA and 20 EMA are also showing downward trend. - MACD shows converging histogram, and is moving sideways. Could this suggest a possible move up?
Oscillators: - RSI bounced off the 30 about three times, and the bounces were weak - RSI appears to have ascending support levels, showing bears losing steam - Is it possible the weakness indicates oversold levels, and we are ready to see a move upward?
Volume: Declining volume also suggest bears are losing steam
Predictions: 1) Short (blue line). I see a downward Elliott Wave, and we are at wave 3, bouncing up to about $176 , then falling down further down to $158. 2) Long (red line). An impulsive Elliott Wave could move up and test the $192.
What do you all think?
Do you agree, or disagree with anything of my ideas?
Feedback is greatly appreciated!
Kommentera
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wow. seems like the price is tracing the blue line perfectly... looks like it is hitting support at $165 now. Not sure if it will go lower to $157.