We have a triangle consolidation and the way it looks, it can break in either direction. A breakout above $170 will create an upward spike to the 1st Target@$200 (50 Day EMA resistance). Similarly a breakout below $150 will confirm a further correction to $130 (0.618 Fib Support) or lower
Interestingly, you can take both long / short trades at the same time now with stop loss of -$10 and target of +$30 as the current price is almost in the middle@$162
In the mid-term, I still expect a move to $250-$270 to complete the larger ABC waves. My previous post/chart is still in play (click below chart). However, the question is do we fall a little now and then go up or just breakout now
Here is the short-term bearish chart (exact opposite).
Another view. There is a case to be made for this because how we got rejected last night at the $167 level and also I'm not seeing a 5 wave impulse move, it appears to be a 3 wave ABC move
Interestingly, you can take both long / short trades at the same time now with stop loss of -$10 and target of +$30 as the current price is almost in the middle@$162
In the mid-term, I still expect a move to $250-$270 to complete the larger ABC waves. My previous post/chart is still in play (click below chart). However, the question is do we fall a little now and then go up or just breakout now
Here is the short-term bearish chart (exact opposite).
Another view. There is a case to be made for this because how we got rejected last night at the $167 level and also I'm not seeing a 5 wave impulse move, it appears to be a 3 wave ABC move
Note
It worked! Went Long and short at the same time!. Longs got stopped out at $155 while shorts are continuing with profits. As I said, this was possible due to the triangle consolidation and price being in the middleNote
Love it when targets get hit precisely. We hit our 1st target@$130 which is 0.618 Fib. This should offer support for now (and bounce to 140-145), however I believe will go down more $100-$110 is 0.786 Fib.So play safe. Use SL
Our original bearish chart
Here is a breakup of the waves
Note
We got support in the 0.618-065 Fib area, a good place for a turn around. However, from the waves, there appears to be one more wave.I took profits and closed my short positions and will watch how this goes
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Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
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.