Ascending Triangle Confirmed, Tough Times Ahead for IHG ?
As per my previous CORRECT analysis back in April 26th (tradingview.com/chart/IHG/AhHVwVQe-High-Probability-LONG-until-top-trendline-before-massive-SHORT/), the move upwards up to the upper trendline has been confirmed as well as the move downwards. This move downwards was quite a violent bearish move and strongly suggests that an Impulse move downwards has now started, for a long-term SHORT.
TDI confirms the strong Bearish move downwards and we should now see some consolidation, before another move downards.
If the Water EMA crosses the Blueberry EMA, it will be a good signal to SHORT this stock for a second trade. The first trade was at the top of the structure.
An elliott wave count, taken from Wave Y, would suggest the next count is an Impulse wave 1.
At this point in time, holding IHG stock would not be a good idea, as on the Daily time period the last move on the wave Y was on an Ascending Triangle, thus on the Intermediate Period, the next move is an Impulse wave 1. If this proves correct, within 2 years this stock will be worth less than $20 ~ $10, therefore Closing your position would be recommended, in my opinion.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
TDI confirms the strong Bearish move downwards and we should now see some consolidation, before another move downards.
If the Water EMA crosses the Blueberry EMA, it will be a good signal to SHORT this stock for a second trade. The first trade was at the top of the structure.
An elliott wave count, taken from Wave Y, would suggest the next count is an Impulse wave 1.
At this point in time, holding IHG stock would not be a good idea, as on the Daily time period the last move on the wave Y was on an Ascending Triangle, thus on the Intermediate Period, the next move is an Impulse wave 1. If this proves correct, within 2 years this stock will be worth less than $20 ~ $10, therefore Closing your position would be recommended, in my opinion.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
Related publications
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.