SOXL is overbought on all time frames.
Bearish Case:
Coming to the end of the Long term, Medium term, and Short term elliot waves that I've drawn. (We may see a 9 wave on the short term instead of the traditional 5 waves).
At 227.6% Fib Resistance level.
Created a new unsustainable uptrend recently.
RSI divergence
Touching the top of new uptrend channel.
RSI has only reached 82 on the weekly 2 other instances, with a maximum of 84.
The video I have here outlines each of these situations
https://www.youtube.com/watch?v=ReFoPtGTGFE&t=66s
Conclusion:
Short term bearish
Medium term Neutral
Long term Bullish
Bearish Case:
Coming to the end of the Long term, Medium term, and Short term elliot waves that I've drawn. (We may see a 9 wave on the short term instead of the traditional 5 waves).
At 227.6% Fib Resistance level.
Created a new unsustainable uptrend recently.
RSI divergence
Touching the top of new uptrend channel.
RSI has only reached 82 on the weekly 2 other instances, with a maximum of 84.
The video I have here outlines each of these situations
https://www.youtube.com/watch?v=ReFoPtGTGFE&t=66s
Conclusion:
Short term bearish
Medium term Neutral
Long term Bullish
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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.