Looking at the weekly chart and it seems like it's going to pull back to the lower wedge TL in a larger consolidation pattern. Indicators have been mirroring its action last Sept/Oct which isn't a good thing. There is a small bullish cypher with a PRZ around 43-44 that will bounce to 46. There are various bullish gartley/crab/butterfly patterns that can be draw from the recent pennant, but all indicate a PRZ 40 and lower. Purple line is the 2nd PT of the bearish cypher pictured and is also the lower threshold for a lot of these bullish harmonics. I think that's a pretty solid buy zone.
It's currently sitting right above the purple median line and the daily Ichi cloud. Punch below that and it should go to the 30s quickly. Honestly will just depend on how the broader markets respond. I think any sustained upside breakout here is going to require some kind of catalyst or just an absolute market melt-up.
It's currently sitting right above the purple median line and the daily Ichi cloud. Punch below that and it should go to the 30s quickly. Honestly will just depend on how the broader markets respond. I think any sustained upside breakout here is going to require some kind of catalyst or just an absolute market melt-up.
Komentar:
As expected the weekly Ichi cloud has provided a boost of support. Looks like it's not going to make it down to 36... If you scalped some at 39, kudos... I sold my puts there but didn't go long. Let's see what happens next week, it's still technically stuck in the handle channel.
