ELON, I'm not worried unless...AHHHH.... what now?
It looks bad...I know.
But...I am not worried unless we close a 4hr candle below that Orange line.
I try to keep my charts simple for my post but because I know many are concerned on our position in ELON, I have decided to publish all my lines that assist me in my analysis.
In my last post, I mentioned that if we fell below that grey line which has proven to be a strong support, we would need to reevaluate our position.
So, since we have fallen below our support line, we will want to watch carefully to make sure we do not fall below what I call the "real bottom" this is the ORANGE line on my chart.
THE GOOD NEWS...
As you can see, I have drawn some trend lines indicated by the RED and GREEN arrow lines on the chart.
Typically, where those two lines cross is going to be a sign of 2 things:
1. the bottom
2. a reversal
Currently, the price is sitting right above our GREEN trend line. This is good.
We can also see that our ORANGE line crosses right through that "X" of our two trend llines confirming that crossing of our trend lines price point to most likely be the bottom.
SUMMARY:
its not the end of the world :)
High chance of reversal to the upside.
4hr close below ORANGE = Bearish
4hr close above ORANGE = Neutral
4hr close above both ORANGE and GREEN = Bullish
