Downtrend most likely
Massive hidden bearish divergence on RSI.
Potential completion of B wave in ABC correction (zig-zag or double three); might have another small leg up.
Perfect 1:1 extension unlikely so consider 0.618 area.
Target: ~$10,400
Potential completion of B wave in ABC correction (zig-zag or double three); might have another small leg up.
Perfect 1:1 extension unlikely so consider 0.618 area.
Target: ~$10,400
Note
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Note
Possible small leg to $11,500- $11,600Note
Downtrend occured as speculated.
Current issue is determining of the wave up is a part of Y or part of X (I believe it's most likely Y).
The red lines highlight the resistance zone with a boxed off target of ~$11,280. Should the resistance hold true, that area might be the pivot.
Anyway, the final target of $10,400 has not changed. We'll see how it plays out.
Note
Edit: Wrong image pasted above
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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.