XCN is likely to pullback upwards of 40% in the short-term.XCN has been on an absolute tear as of late. Although price action has been incredibly bullish, it is very likely to pull back by upwards of 40% in the short term on the wave four count, reaching the bottom of the bullish wedge pattern before making a significant move to the upside. These bullish moves generally—but not always—comprise a five-wave count within these wedge patterns before making big upside moves, and XCN is currently at or near the top of wave three.
As with anything in trading, this isn't guaranteed, but it is probably more likely than continuing up and breaking out on the wave three count. Therefore, there may be an opportunity for lower-priced entries in the coming days or weeks.
Overall, I'm bullish on XCN, but this perspective is just something to consider.
Good luck, and always use a stop-loss!
