FLSR - Bulls Will control an Impending Advance
Updated
---Elliott wave analysis---
As you can see on the daily chart, There is an impulsive cycle from the low of 5960 that validates all the required rules of the Elliott wave principle given below:
So, we have a valid reason to validate the wave count. In addition, FSLR's wave cycle has the following formation in the wave with Fibonacci levels:
FLSR had accomplished impulsive structure at 232 and started corrective formation. It looks like the correction phase occurred at 132.19. We can expect a new motive cycle from 132.19. Traders should carefully watch the breakout of wave 4 of wave (c).
Target projection:
From the above projections, we can find a cluster of levels to measure our targets. Traders can follow cluster targets: 168 - 188 - 192 or higher. It can extend up to 100% at 232.
Alternatively, Failure can continue correction to the final support level of 115.58, which is less likely to happen.
---Indicator Study:---
Average true range:
ATR of the FLSR rose to 7.79 when the price was rising. It suggests that we can get a rapid upward move after the breakout of wave (4).
RSI:
The RSI of the FLSR surged from 31.09 to 49.5. RSI surge along with price suggests that bulls have a strong grip on the stock. We can also see a divergence from the previous move.
Exponential Moving averages:
Major EMAs, such as the 200-day and 100-day, are trading above the price, but the 20-day Exponential Moving Average is being broken by FSLR. Its possible for security to reach quickly to 50 EMA soon.
Thank you!
By @moneydictators on TradingView Platform
As you can see on the daily chart, There is an impulsive cycle from the low of 5960 that validates all the required rules of the Elliott wave principle given below:
- Wave (2) can never exceed the starting point of wave (1).
- Wave (3) can never be the shortest wave among (1), (3) & (5).
- Wave (4) can never enter the price territory of wave (1).
So, we have a valid reason to validate the wave count. In addition, FSLR's wave cycle has the following formation in the wave with Fibonacci levels:
- Wave (1) is an impulse wave.
- Wave (2) retraced 100% of wave (1). It has formed A-B-C zigzag.
- Wave (3) is an extended wave.
- Wabe (4) is a complex correction W-X-Y, that retraced to 0.382 level.
- Wave (5) is an ending diagonal.
- Wave A retraced 0.382 of wave (5), which extended to 1.618 level.
- Wave (B) retraced 100% of wave A.
FLSR had accomplished impulsive structure at 232 and started corrective formation. It looks like the correction phase occurred at 132.19. We can expect a new motive cycle from 132.19. Traders should carefully watch the breakout of wave 4 of wave (c).
Target projection:
- Using Reverse Fibonacci of wave (B)
- Reverse Fibonacci Of correction
- resistance and pivot levels
From the above projections, we can find a cluster of levels to measure our targets. Traders can follow cluster targets: 168 - 188 - 192 or higher. It can extend up to 100% at 232.
Alternatively, Failure can continue correction to the final support level of 115.58, which is less likely to happen.
---Indicator Study:---
Average true range:
ATR of the FLSR rose to 7.79 when the price was rising. It suggests that we can get a rapid upward move after the breakout of wave (4).
RSI:
The RSI of the FLSR surged from 31.09 to 49.5. RSI surge along with price suggests that bulls have a strong grip on the stock. We can also see a divergence from the previous move.
Exponential Moving averages:
Major EMAs, such as the 200-day and 100-day, are trading above the price, but the 20-day Exponential Moving Average is being broken by FSLR. Its possible for security to reach quickly to 50 EMA soon.
Thank you!
By @moneydictators on TradingView Platform
Note
Alternative count:Note
Monday, 6 November 2023 8:30 am (GMT-5)
Pre-market: 153
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