Updated
Possible reversal at $3.37
If the correction is falling wedge, the support is at $3.37, previous peak (Feb 28, 2020) MACD crossed over indicating that this might be a falling wedge.
Or if its simple ABC correction and previous low holds as support at $4.00 and reversal around this price point would make a upwards run towards retesting $7.84
Or if its simple ABC correction and previous low holds as support at $4.00 and reversal around this price point would make a upwards run towards retesting $7.84
Note
Update August 7, 2020The downwards thrust and harmonics seems to point the reversal lower than $3.37. The support could be from any of the following
1. Historical support of $2.86
2. $2.28 (78.6 Fibonacci level co-incites with the price pattern completion AB=CD pattern and the trend-line support-Green line) Refer to purple box
3. 5 waves to complete pattern C (estimated projections)
The reversal is possible at any of this above levels. Look for reversal candle stick and uptick in volume and momentum.
** publishing another chart please refer for visuals
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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.
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.