WISE can be shorted with the first target at the lower edge of the diagonal and then, at around 800 pence (start of wave 5), if move lower confirmed.
Clear RSI divergence shows trend reversal in the short-term at least (until touching lower band of the diagonal). So the lowest upside is around 14-16% here.
SL can be set to 1230 pence.
Clear RSI divergence shows trend reversal in the short-term at least (until touching lower band of the diagonal). So the lowest upside is around 14-16% here.
SL can be set to 1230 pence.
Note
There is also a chance that wave 5 is not yet complete. So blue movement is an alternative to go. I lean to my original analysis with wave 5 already complete.Also, I adjusted view to semi-log scale and now it fits nicely.
Trade active
Everything goes as planned.I am going to trim 50% of the position when it touches lower edge of the diagonal at around 940-960.
Trade closed: target reached
I will close the idea as soon as price reaches 995 (expected today). I will provide an updated chart and view later. Note
I reconsidered wave count of the diagonal and believe that wave 4 is in progress. The reason to reconsider it that wave 3 shall have A-B-C structure as wave 1 suggests. So WISE shall touch 995 pounds so that wave 4 overlaps wave 1. After that, it can down deeper or reverse. I will not count sub-waves of 4 and predict the end of it as there are too many options. I rather quit and later will consider entering long position as the company itself if phenomenal and after post diagonal correction cycle wave 3 will start.
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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.