Chart Analysis:
Head and Shoulders Pattern – A classic reversal pattern is identified, indicating a potential decline after forming the right shoulder.
Descending Channel – The price is moving within a downtrend, marked by two blue lines. A further drop to the lower boundary (~$0.025–$0.030) is expected.
Elliott Wave Analysis – After completing the 5th wave of the downward cycle, a bullish impulse wave is anticipated.
Potential Upside – Following the expected decline, a breakout from the descending channel could lead to a strong rally, potentially reaching $8.00+.
Trading Strategy:
Short-term Strategy (Short Position):
Enter a short trade from the current levels ($0.096) or after a retest of the upper channel boundary ($0.12–$0.14).
Take profit targets: $0.05–$0.03.
Stop-loss: Above $0.15.
Long-term Strategy (Long Position):
Buy near the expected bottom zone at $0.025–$0.035 (potential completion of wave 5).
Main targets: Take partial profit at $0.40–$0.50, with an extended target of $2.50+ and beyond.
Stop-loss: Below $0.020.
Risks:
Possible false breakouts of the channel boundaries.
Prolonged consolidation before an upward breakout.
Market conditions (news, macroeconomic factors) may affect the expected scenario.
Conclusion:
A short-term short position can be considered, but in the long run, GRT has the potential for a strong rally once the downtrend cycle is completed.
Head and Shoulders Pattern – A classic reversal pattern is identified, indicating a potential decline after forming the right shoulder.
Descending Channel – The price is moving within a downtrend, marked by two blue lines. A further drop to the lower boundary (~$0.025–$0.030) is expected.
Elliott Wave Analysis – After completing the 5th wave of the downward cycle, a bullish impulse wave is anticipated.
Potential Upside – Following the expected decline, a breakout from the descending channel could lead to a strong rally, potentially reaching $8.00+.
Trading Strategy:
Short-term Strategy (Short Position):
Enter a short trade from the current levels ($0.096) or after a retest of the upper channel boundary ($0.12–$0.14).
Take profit targets: $0.05–$0.03.
Stop-loss: Above $0.15.
Long-term Strategy (Long Position):
Buy near the expected bottom zone at $0.025–$0.035 (potential completion of wave 5).
Main targets: Take partial profit at $0.40–$0.50, with an extended target of $2.50+ and beyond.
Stop-loss: Below $0.020.
Risks:
Possible false breakouts of the channel boundaries.
Prolonged consolidation before an upward breakout.
Market conditions (news, macroeconomic factors) may affect the expected scenario.
Conclusion:
A short-term short position can be considered, but in the long run, GRT has the potential for a strong rally once the downtrend cycle is completed.
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.
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.