GN rejected pitchfork as it broke 1.236 extension of a potential WXY pattern for a "B" wave. It either did a contracted flat for more upside or it is still in corrective structure. By looking at the divergence and 2 shark fins on the weekly, I feel like we can get some downside. The move it has been making up is a corrective move (all waves overlapping, following a long move down). There is some very large downside coming on this pair, but it can push up further in structure if it wanted to. I would prefer to wee it make a wick out of fork and 1.236 extension considering this last wave, but I will begin looking for sell setups on it, as GN is in the position in the wave count that a "C" wave can come from. A "C" wave can either finish out a correction for a continued trend or is a reversal wave. GN can keep chopping up, can even shoot up, but that won't change the fact that a drop is coming at some point, potentially to break the low even, creating a large weekly corrective structure. But like NU, I would like to see a smaller correction to confirm it is ready.
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.