With more than 2 months of choppy sideways direction, the pattern is finally revealing itself as a giant triangle with a likely possibility of it breaking down.
Confirmation: Below $280/$270
Invalidation: Above $335
Target1: $230
Target2: $170/150
-Elliott waves also align with this being considered as a (B) wave formation
-50DMA ($308) has crossed below 200DMA ($318), this is considered as very bearish
We now appear to be done with the D wave, and then have a final move up as E to around $320+ before breaking down.
The Fib levels are textbook
Waves
B retraced 0.786 of A
C retraced to 0.786 of B
D retraced to 0.786 of C
C is 0.618 length of A
D is 0.618 length of B
However, triangles are tricky and can break in the opposite direction, so our stop will be $335 (top of C) which would confirm this was NOT a bearish triangle
This idea also aligns with my 2 previous posts
Confirmation: Below $280/$270
Invalidation: Above $335
Target1: $230
Target2: $170/150
-Elliott waves also align with this being considered as a (B) wave formation
-50DMA ($308) has crossed below 200DMA ($318), this is considered as very bearish
We now appear to be done with the D wave, and then have a final move up as E to around $320+ before breaking down.
The Fib levels are textbook
Waves
B retraced 0.786 of A
C retraced to 0.786 of B
D retraced to 0.786 of C
C is 0.618 length of A
D is 0.618 length of B
However, triangles are tricky and can break in the opposite direction, so our stop will be $335 (top of C) which would confirm this was NOT a bearish triangle
This idea also aligns with my 2 previous posts
Note
Target1 hit
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.
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.