The recovery so far for SOFI hasn't been that great. After breaking key support of $10.44, price is trying to bounce back. Last week it tried to get over the resistance at $11.65, but stalled. So far, this recovery is a 3 waves move. It can go higher, in fact, I think, the first A wave is still in progress. We should see B and C waves after this ongoing wave taking price to around $13.5 to $14.9 before the next leg of the correction. Until price can break above the downward channel and above $18.42, this will be the primary idea.
The alternate idea calls for a leading diagonal that is currently correcting. That will still need a move up and then a larger move down but cannot break below the low. Either way, it will take quite a bit of time to play out. It is really in the middle of the range and needs to in the watchlist only. If the financial crisis hits as many are predicting, it can get really, really bad for banks...
The alternate idea calls for a leading diagonal that is currently correcting. That will still need a move up and then a larger move down but cannot break below the low. Either way, it will take quite a bit of time to play out. It is really in the middle of the range and needs to in the watchlist only. If the financial crisis hits as many are predicting, it can get really, really bad for banks...
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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.