EPP retested 2 wedges fr 2008 crash;bottom in or a deeper ABC?EPP have already retested & bounced from 2 potential wedges formed by the high & lows of 2008 crash. The green & black lines are the topside of the 2 wedges. See the yellow zones.
Is the bottom in or is a deeper ABC coming?
If the 2 yellow zones of the 2 bounces does not hold, 43.22 will be the next downside target completing
A deeper ABC wave at the 1.272 FIBO level.
Watch carefully if EPP holds these 2 yellow zones in the next days.
Not trading advice
EPP trade ideas
EPP: BIG MOVES coming. 7 reasons why1) EPP broke above & retested BIG Symmetrical triangle
2) it bounced from the lower uptrending channel
3) it holds the Volume profile support line
4) It bounced off the 38.2% FIBO level
5) it just made a weekly engulfing candle
6) it bounced off the GANN fan line support
7) it just entered back inside the 200 ema ribbons
However,it still has to get above the 52 to 54 level to confirm the continuation of wave 3 of a bigger 3.
Not trading advice. Just wanted to guide my trader friends out there.
MAY THE MARKET BE WITH YOU ALWAYS!
EPP ex Japan: Ton of support in weekly chart* EPP ex Japan retraced 38.2% from covid low to 61 top...a good FIBONACCI reversal level for a strong trend.
* Wma 100/150/200 violet/blue/red moving averages converging just below current price.
* It already came back & just retested the BIG TRIANGLE top.
* GANN fan line also gives support.
* Looks like it will try to go in & breakout of the cloud next week.
* All weekly indicators already oversold...short & medium term upside coming.
* Price have to breakout of 52 & 54 & then target the 2007 wave 1 top of 61 for a wave 5 to be confirmed.
not trading advice..only for your easy reference