Failed Elliott impulse wave, head and shoulders forming

4 Apr 2018

The 12345 Elliot wave is failing to push us towards $7700-7800 as it should have. There was a resistance line formed long time ago at ~$7360, which became very strong with the recent ups and downs, which no TA seemed to notice. Even the grey all times minima line, which became supportive when we crossed it above, seems not to be strong enough to prevent the H&S forming. Also, the 2h MACD had a bearish cross since a while, and momentum is loosing.
I've exited, since I think we are going down again.

4 Apr 2018

Catatan

I think the H&S is beginning to confirm the downtrend. The target is $7100. However it might bounce a bit at the 100% Fibonacci level (which corresponds to an older resistance line at $7216).
Looking at the large time scale chart , a double-hunk + dip structure seems to repeat itself smaller and smaller since December (fractal); I guess a similar one is forming now. So I'm expecting a new, smaller hunk and then a dip. It might be good to buy in the dip, but general trend should not be neglected.

4 Apr 2018

Catatan

H&S target practically confirmed. We have an Elliott wave downtrend retracement.
Whales are beginning to liquidate long positions (see @whalecalls on twitter), the last liquidated long was $7061). Expecting to go lower.

4 Apr 2018

Catatan

A *huge* H&S pattern might form from the 1-2 part of the failed Elliott wave + the above H&S pattern and the downfall. If it will confirm, its target will be $6100-6200. Let's see. I'll post a new chart if it takes contour.