The RSI on the lower part of the chart, currently around 39, indicating a slightly oversold condition. This suggests the market could be near a potential bottom, but further confirmation is needed.
If this ABC correction holds, the price might find support near the 0.786 Fibonacci level ($15.65) or the lower boundary of the channel. This could signal the end of the corrective phase and the start of a new upward movement (Wave 1 of a new cycle). Alternatively, if price breaks below these support levels, it could suggest further downside, extending the correction.
If this ABC correction holds, the price might find support near the 0.786 Fibonacci level ($15.65) or the lower boundary of the channel. This could signal the end of the corrective phase and the start of a new upward movement (Wave 1 of a new cycle). Alternatively, if price breaks below these support levels, it could suggest further downside, extending the correction.
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All going as planned... hold the line!
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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.