Any price movement that is confined within a channel is considered as a corrective 3-wave move in Elliott waves, and clearly this is an ABC move up, also A:C = 1:1. Also the preceding move down appears to be in 5 waves
This means that this rally is a counter-trend move and the real trend is bearish long-term, where we are currently in the B wave of a larger ABC (red). I'm assuming the C will eventually drop to $0.14 (Will post a chart soon)
Now this green ABC can be considered as red (B) is complete, however, I see a possibility of another move to 0.33-0.35 which is top of channel (blue box) or to the green box which is 0.618 of the entire move down. Before this happens, we may fall to the bottom of the channel or the black line and bounce
Here is a possible zoomed-in wave count from a friend
This means that this rally is a counter-trend move and the real trend is bearish long-term, where we are currently in the B wave of a larger ABC (red). I'm assuming the C will eventually drop to $0.14 (Will post a chart soon)
Now this green ABC can be considered as red (B) is complete, however, I see a possibility of another move to 0.33-0.35 which is top of channel (blue box) or to the green box which is 0.618 of the entire move down. Before this happens, we may fall to the bottom of the channel or the black line and bounce
Here is a possible zoomed-in wave count from a friend
Note
Our bottom target hitNote
As I said, it was just a relief rallyNote
I see one more leg down (red wave5) after breakdown of this triangle. Stop would be top of wave 4 at $0.25Note
Still corrective IMOthe move appears to be 3-wave where A:C = 1:1
Note
As expected, strong rejection
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Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
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.