IONQ NEOWAVE ANALYSISExperimental analysis with the intention to follow back later on as I am still learning
My dad actually shared this ticker with me since he was holding it. I tried my best to analyze it and come up with a conclusive statement at that time, although I couldn’t, and what I did come up with was completely invalid. The main reason being that the price data available is very recent, and there is not enough price action to tell what exactly is going on.
Today, I will try my best to let you know what’s happening and where IONQ is headed.
The pattern is a complex correction joined with an X wave. The first part is a running flat correction with a strong B wave.
All trending waves are to the upside, and the recent wave A, being the fastest and strongest wave, tells me that the long-term trend is up.
My only dilemma in this chart was understanding whether the wave after the flat was either an X wave or an A wave. The only reason I decided to call it an X wave is due to its slow price action, whereas the recent move is a better A wave rather than a B wave, which is likely not possible.
I do not know what kind of correction wave A is a part of, but my best guess could be a contracting triangle since wave A was pretty strong, and normally wave A is the largest wave in a contracting triangle. So, this correction would be a double three correction.
I do think wave A is over; however, we should get confirmation soon by the start of January.
