EWT has shown some decent strength in this bear market, but not soo much as of late. I think this recent downtrend might soon be at an end.
As we can the price is at the bottom of the it's bear market for as possible double bottom and the indicators are higher and showing signs of turning.
Lets take a look at the indicators
1 Volume, it has increased during the bear market 2 The RSI although not very strong is showing bullish divergence 3 The TDI is showing similar signs to the RSI 4 Stochastics RSI has bottomed 5 RCI3 lines has also bottomed
We are waiting for 4 & 5 to cross up. Once this happens it will show the momentum in this next move building and imminent. Both are circled on the chart.
My Price target would be @ the $7.60 (1.618 fib) to $10.75 (2.618 fib) area. That is based off of it's recent move in the bear market. There is also another price of interest, $9.26 area would be the .236 fib area from it's bull market peak. this also lines up with another resistance level in prices so this price is most likely. Then you would look for for it to catch support at top of the bear market resistance level (shaded area) @ $4.85 area.
kind regards WeAreSat0shi
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Big move started today.
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Energy web is moving right along with it's growth.
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EWT just broke out of its downtrend. Expect upward movement as it's bottom is likely in and will now grow.
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Hit paly on the chart to see what I am looking at on the price action.
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EWT could not break the downwards resistance yet. The next push should do so.