Updated
APHA Accumulation
Clearly, the magenta alternative from my previous idea, is the one that is in play. It didn't even bounce that high, which surprises me, as APHA really had decent earnings. Regardless, it looks like wave B is complete and we've started our descent into wave C.
Theory says that wave C should be equal to wave A, and since we've gotten out of a Leading Diagonal, which tends to retrace deeper, that would certainly make sense. BUT... We had strong resistance/support at the $3.80 level, and corrections in an impulse wave tend to retrace into wave 4 of the lesser degree (marked on the charts with a very sexy arrow).
So what is it going to be?
In any case, when this current correction is done, we're going to see APHA start its wave iii. That is going to take us to new highs. But don't be afraid to miss it. I am going to buy into a bull break, instead of trying to catch a falling knife.
Theory says that wave C should be equal to wave A, and since we've gotten out of a Leading Diagonal, which tends to retrace deeper, that would certainly make sense. BUT... We had strong resistance/support at the $3.80 level, and corrections in an impulse wave tend to retrace into wave 4 of the lesser degree (marked on the charts with a very sexy arrow).
So what is it going to be?
In any case, when this current correction is done, we're going to see APHA start its wave iii. That is going to take us to new highs. But don't be afraid to miss it. I am going to buy into a bull break, instead of trying to catch a falling knife.
Note
For the longer term, I see something like this:Anything above that wouldn't be a new bubble, in my opinion. Bubbles are spectacular phenomena, especially when you are 'in' when they start, and 'out' when the explode.
Trade safe :-)
Note
Did we just complete that B wave? Rejected at resistance, bearish divergence on the hourly charts.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.