Failed inv H&S and Pitchfork play on NOFIO
Updated
Norwegian Finans is a promising company for the Nordic countries. It has been facing some resistance after a failed rally from an inverted Head and Shoulders.
Now I am not a big fan of drawing these kinds of patterns but a clear corrective count could be given from the peak, still waiting to be confirmed. What now appears to be forming a H&S from the failed IH&S could turn out to fail aswell. What I'm more interested in analyzing this stock, is the obvious channel movement from the IPO forward. The pitchfork gives indication on completing the major corrective pattern from ATH. Though it has been rejected by a short term trendline, it could still give five waves down.
This is a stock that many use as a long term investment and the buy-in right now could be right around the corner.
I marked out the short term resistances to support further correction, and I also marked out the rejection point as a support. The Elliott count is highly experimental and I'm relying on the Pitchfork channels for this one.
Conclusion: This may not be a bad time for long term buy ins. If it breaks the channel I would add positions along the way. Not financial advice.
Now I am not a big fan of drawing these kinds of patterns but a clear corrective count could be given from the peak, still waiting to be confirmed. What now appears to be forming a H&S from the failed IH&S could turn out to fail aswell. What I'm more interested in analyzing this stock, is the obvious channel movement from the IPO forward. The pitchfork gives indication on completing the major corrective pattern from ATH. Though it has been rejected by a short term trendline, it could still give five waves down.
This is a stock that many use as a long term investment and the buy-in right now could be right around the corner.
I marked out the short term resistances to support further correction, and I also marked out the rejection point as a support. The Elliott count is highly experimental and I'm relying on the Pitchfork channels for this one.
Conclusion: This may not be a bad time for long term buy ins. If it breaks the channel I would add positions along the way. Not financial advice.
Trade active
Breakout above formation and touch of middle line!Trade closed: target reached
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.