DNA Ginkgo Bioworks Looking to complete EW bearish sequence

Updated

DNA had massive bearish selloff and is trading at very low price just above area. Between current lows and ATH, we can anticipate a decent rally before resuming a larger move lower (if that would happen in future). At these lows its great price range to accumulate and build a position using risk management and DCA strategy. It's been trading back it forth between $1.15-1.40; approx 15-20% difference in gains. You can try trade it back it forth with focus on taking some profits to create a lower cost position and then using those profits to buy more shares. If you want to really play safe, aim to sell 50% at 2x (or 3x) and hold the remaining 50% balance of your DNA portfolio 100% risk free for life (e.i Buy 1000 shares at $1.20 to Sell 500 shares (50%) at $2.40). Just some strategies worth looking into.

As for the current wave count, favoring DNA to be possible ending its 5th and final wave down. Market-wide, things seem risky and tough to support the idea any assets would pump while indices dump. However many times, smaller cap assets tend to get some nice pumps, not always but often. Its a matter of risk to reward while applying a safe risk management strategy. Our goal is profits, small chucks along the way. SO the target zone here is within the pink lines (wave V ending calculation) of $1.26-$0.96 area with the fib extension calculation showing the 1.618 at $0.82 area. I dont see it going much lower than at these lows, maybe after a rally but not here. I can be wrong too.

We shall see how it plays outs.
If you like my charts please smash like to show support, it would be appreciated and feel free to leave comments or ask questions.
Play safe & happy trading

Note

Target Zone

Note

EW bearish sequence on move down

Note

Head & Shoulder played out great

Note

Wave 4 retracement (0.236 Fib) from where move started.
I slightly unsure on the correct labelling uptop. Between a 1,2 1,2 or an AB-1,2, or perhaps ABC-1,2. The idea still remains the same, can see clear set of 5 waves. Can count 3-7-11 swings lower so we're close to completing or perhaps a large move up before resuming lower. RISK to REWARD at close to $1.00, its highly UNLIKELY that DNA will just go bankrupt and sink to $0.

Note

Slight mix of favoring counts, as the 0.236 didnt retrace fully from THIS view

Note

An Alternative count that I can support and favor

Note

TYPO/ERROR:
"HKEX:1" should be "$1.00"

Note

Bullish Divergence

Note

Bearish Divergence

Note

Wyckoff Accumulation ??

Note

another wave count to consider

Note

DNA close to ending bearish sequence

Altnerative view:

Note

Primary targets achieved
21% gain
wasnt perfect, but just good enough

Note

its in the DNA
incredible move up off the lows, wave count was great, not perfect but just good enough. +50% off the lows, if youre holding, be prepared for more upside but make sure to take some profits; profits secured is the W, until the profits are secured, its not a W

Note

The move up (corrective rally), has just started. Am anticipating many smaller corrective moves en route to our target of ~$4.60, with lots of volatility and trading on its way. For now, am anticipating this type of move and count, its just a projection and fresh look, many things can happen between now and whenever
Take profits along the way is the best bet.

Note

DNA looking fantastical!

still anticipating more corrective swings, but corrections are tricky and can easily swing around into double corrections or print wxy connector. The idea here is the corrective rally is wave 4 (probability wise), it can play out simply as an ABC, or a larger degree ABC-> (ABC). Once the red 4 of wave (5), is taken out, it signals that the 5 was infact completed and the downside from there is limited so buyers and traders knowing this will step in to support price action on pullback, usually a clear 3 wave pullback before resuming higher. We shall see how it plays out, so play safe and remember the best way to win is to secure profits.

Note

DNA looking good.
Following EW sequence really well.
Expecting some choppy price action along with consolidation
Still favoring further upside.
Don't forget to bank profits

Note

if the right shoulder prints weaker than left shoulder, we can favor it as a valid H&S pattern with estimated target approx 0.98c area (measure the move from neckline to head = distance from neckline to target range) * I highly doubt DNA will trade below $1.00, but I can be wrong too!

If we get a right shoulder showing more strength than left shoulder, it becomes invalidated (I'd anticipate a bear trap, perhaps breaking below the neck line to create a H&S fakeout, setting up a i-ii, 1-2 before an impulsive move upwards

Note

"The only way OUT of a Bear Flag, is with a Bear Trap"

Note

anticipating

Note

got the technical bounce
take profits and wait for relow (may or may not get it, buts that ok, it'll come back within range and well assess from there)

Note

now, we wait.
should * get a bounce before the $1.12 low
it could * breakdown too
could get *both scenarios
must be prepared for all scenarios (DCA & risk management)

Note

IF it does breakdown, we will reanalze the wave count.
Im still favoring the 3-4-5, 3-4-5 type count......obviously its not a bearish 1,2-1,2 count

Note

IF DNA breaks the low, we adjust our count like this and look to add/DCA our position in the pink lines. You can use stop limit function within the range, I'd suggest starting just above the 1.236 to just below the 1.236 as 1 order and then range down to 1.618 as the second order.

Note

or just wait for the small tiny doji candles on daily esp if we open and close in the pink lines (wave v extension) range

Note

DNA should be ending wave ((3)) here completing a few different sequences.
Can start to DCA into a position at these lows, we'll get some small bounces before it bottoms out
NFA, practise risk management dont overinvest or throw your eggs all in 1 basket

Note

Looks like ending of its sequence

Note

NO LONGER TAKING INTEREST IN THIS STOCK
horrible price action, another stock that got pumped n dumped and most likely will never return to ATH. After analyzing many stock charts ranging from oldies to new hype tech stocks, Ive concluded that majority of stocks are heavily shorted and most of them just get pamped during bull trends where institional players cash out big time, control the news headlines and then just keep the price supressed while keeping retail investors as their exit liquidity. Sure, there are many long term 'growth stocks' but when we look at them they are all triple digits and slow growth. We're in 2024, 16yrs into a bull trend that will eventually come crashing down so its safe to say majority the stocks that got pamped over past few yrs are simply not worth investing into and may not make new ATH.
My advise for DNA holders is to simple try DCA your way OUT of this position to break even and then just never look back for anything more than learning from the past.
I am officially done with this asset and many others esp hype trendy tech stocks that have gone to total shit from ATH. Of course, many still have great potential and trading opportunities but if we look back to the dot com bubble, majorit of the hottest stocks simply failed to return to ATH since; this is how I look at the new age stocks of the past 10-20yrs; they ran their course had their run up and most are done, toast, finito, just heavily shorted with small dead cat bounces every so often.
Do yourself a solid, DCA your position slowly and aim to break even or cut your losses somehow and once you do, dont look back. There are plenty of better assets worth investing into you can try to make your money back on them.
Good luck to you all
FINAL POST ON DNA (I will not reply to DNA comments from here on)

CryptoHolix

Also on:

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.