Impulse wave up attempt
So far the bounce up is in play.
MACD: Bullish
RSI: Bullish divergence confirmed with a set of lower lows and higher highs.
We tested the support two times, it looks solid at the time being.
On an eliott wave perspective we currently have 1 wave up, a wave 2 as a double bottom and a small wave three that went for a 1:1 extension.
The EMA 55 is a decent target to close your long, it will act as a strong resistance. Ultimately if manage to break it, we could target for the the falling wedge's resistance at around 8k1.
Going long is a bad idea, it should have been done now, but watch how far we retrace our first wave for a possible entry.
MACD: Bullish
RSI: Bullish divergence confirmed with a set of lower lows and higher highs.
We tested the support two times, it looks solid at the time being.
On an eliott wave perspective we currently have 1 wave up, a wave 2 as a double bottom and a small wave three that went for a 1:1 extension.
The EMA 55 is a decent target to close your long, it will act as a strong resistance. Ultimately if manage to break it, we could target for the the falling wedge's resistance at around 8k1.
Going long is a bad idea, it should have been done now, but watch how far we retrace our first wave for a possible entry.
Note
It seems that i can't edit, I made a couple mistakes on the last sentence, what I ment to say is: Going long NOW is a bad idea, it should have been done on the support at 7550, but watch how deep we retrace our first wave for a possible entry.
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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.