MRVL, Are we ready to go short?MRVL hit the strong resistance zone today. Is it start of a large decline? Lets follow.
It seems that MRVL has completed a 5 segment up going wave ( shown on the chart ) . This up going wave can be wave 5 of a larger cycle Elliott wave itself which if true , suggest a decline down to 38-33 USD zone corresponding to 0.5 and 0.618 Retracements of larger cycle completed wave. A correction for a completed wave shown on the chart is also possible for now. We can update the idea later.
It is worth to note that general trend of MRVL is up which means this possible upcoming decline is just a correction and we will have some up going waves after completion of correction ( I think there will be at least two more up going waves before big short).
This mentioned decline is inevitable but a trade above 62.71 makes this analysis invalid for a short time . It still may go higher. Therefore, it is wise to set our protective buy stop one tick above 62.71.
Stochastic indicator has made a bearish reversal in daily time frame while it is overbought in weekly and monthly which propose that 62.71 high may remain the last high for several weeks.
Our R/R is extremly high . I am short myself below 61.78 ( Just 1 USD per share at risk).
We trade objectively and set our protective buy stop when we go short. Right my friends?
