Abstract: Midterm short, mid-long term long up to $61-$74 levels _____________________ A best effort promise to publish forecasts each week. Requests for forecasts are welcome. _____________________
PRGS has a very clearly printed correction wave that gives a solid base for a high probability long term analysis. Wave analysis gives us powerful tools for direction and potential forecasting, but it is a probability forecast. There are two options that can develop. Both have same direction and similar target levels, but a different path.
Option 1)
Impulse ending a cycle wave started 02.2009 up to levels $61-74 (01.2021) Confirmation: Clear breakthrough of $37 level Rejection: Powerful bounce from levels around $37 Probability: 60%
Option 2)
An impulse ending an intermediate wave started 10.2018 up to levels of $64 (04.2020) Confirmation: Powerful bounce from levels around $37 Rejection: Clear breakthrough of $37 level Probability:40%
As patterns develop and give more clues which option will follow, I will update the idea. At levels $37, we will look fo: 1) price action, candle strength on dayly and 4H charts. 2) RSI and MACD divergence indicating bear weakness and potential reversal
_____________________ Disclaimer: Not an investment advise. Levels and dates are approximate. An option probabilities sum less than 100% means unformulated options.
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