QFIN, Strong decilne is on the way !
Updated
QFIN more than likely has completed a 5 wave motive rally and a high probability decline is on the way soon.
Motive 5 wave rally was started from 6.37 USD on Mar 18th 2020 and made a huge progress up to 45 USD terminated on June 17th 2021.
Price reacted well and beautifully to strong resistance at 45 USD consisting of 1.618 extension of wave 4 and 0.786 Fibo projection of wave 1-3.
If true , decline to 30, 25,20 and 14 USD corresponding to 0.382 , 0.5 , 0.618 and 0.786 Retracements of mentioned rally is possible for now. Later we can choose among these Retracement levels based on internal structure of upcoming corrective wave.
Stochastic indicator has already made a bearish reversal in daily time frame while it is in overbought zone in weekly. It suggests that 45 USD all time high may remain the last high for several weeks.
My Recommendations:
1- If you are in the trade and you doubt about this analysis, use Multi Unit Trade Strategy and save some profits. It is a very powerful tool for risk management.
2. If you want to go long, Its is wise to wait for a correction completion. It is too risky to go long now. Trade smartly.
Good luck everybody.
Motive 5 wave rally was started from 6.37 USD on Mar 18th 2020 and made a huge progress up to 45 USD terminated on June 17th 2021.
Price reacted well and beautifully to strong resistance at 45 USD consisting of 1.618 extension of wave 4 and 0.786 Fibo projection of wave 1-3.
If true , decline to 30, 25,20 and 14 USD corresponding to 0.382 , 0.5 , 0.618 and 0.786 Retracements of mentioned rally is possible for now. Later we can choose among these Retracement levels based on internal structure of upcoming corrective wave.
Stochastic indicator has already made a bearish reversal in daily time frame while it is in overbought zone in weekly. It suggests that 45 USD all time high may remain the last high for several weeks.
My Recommendations:
1- If you are in the trade and you doubt about this analysis, use Multi Unit Trade Strategy and save some profits. It is a very powerful tool for risk management.
2. If you want to go long, Its is wise to wait for a correction completion. It is too risky to go long now. Trade smartly.
Good luck everybody.
Note
Trend reversal confirmed. We had a trade below 39.91 today which means this low is not the last low anymore.Note
Seems the stocked is following the expected path. Now we can keep it in our watch list. There may be an ideal setup to come to go long.Note
On the way down to 14.28 USD corresponding to 0.786 Retracement level.It could be an ideal setup to go long there.
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