When I published this chart for potential bottom aroun 460-450 area to look for long entry after it gapped down following earnings announcement in January, the was no real bullish movement and hence not the trade I was looking for. However, if any did enter would have at least made small profit or break even.
However now it is possible to entertain potential long around 400 - 410 area. It has AB=CD measured move to the downside from all time high as abc correction and it could be significant. Even if this is not the final low, from the chart you can see that one down side retracement is complete, I am expecting a potential AB=CD move to the upside which could take to the vicinity of 500. If however, the recent low @ sub 400 is significant low then we might get new 5 wave move to the upside which could take us lot higher.
Worth watching in my view
However now it is possible to entertain potential long around 400 - 410 area. It has AB=CD measured move to the downside from all time high as abc correction and it could be significant. Even if this is not the final low, from the chart you can see that one down side retracement is complete, I am expecting a potential AB=CD move to the upside which could take to the vicinity of 500. If however, the recent low @ sub 400 is significant low then we might get new 5 wave move to the upside which could take us lot higher.
Worth watching in my view
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.