The decline from $88.77 looks to have completed its five-wave sequence.
Primary wave 4 (black) unfolded as a triangle, and the decline to $47.73 could be all of primary wave 5.
Primary waves 3 and 5, if the decline is complete, have created a double bottom reversal pattern.
$47.73 is the key invalidation level for the bullish outlook.
Primary wave 4 (black) unfolded as a triangle, and the decline to $47.73 could be all of primary wave 5.
Primary waves 3 and 5, if the decline is complete, have created a double bottom reversal pattern.
$47.73 is the key invalidation level for the bullish outlook.
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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.