We have a large Head n Shoulders formed and the price is on the verge of breaking below the neckline. The volume also supports this possibility. In Elliott Wave, this is mapped with Wave3, Wave5, and WaveB as left shoulder, head and right shoulder respectively.
From wave count as well, we appear to be in the beginning of a C wave down to complete the overall correction from the top.
Price is below 200DMA ($308)
RSI failed to break above 50 despite multiple attempts (red arrows)
Confirmation is below $285
Targets - $230, $185
This supports our wedge breakdown chart posted 6 weeks back
From wave count as well, we appear to be in the beginning of a C wave down to complete the overall correction from the top.
Price is below 200DMA ($308)
RSI failed to break above 50 despite multiple attempts (red arrows)
Confirmation is below $285
Targets - $230, $185
This supports our wedge breakdown chart posted 6 weeks back
Note
uh oh..price went below the necklineNote
Target1 hit @$230 and we got a 30% drop overall. Notice the volume spike, the HnS playing out will cause more pain
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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
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.