Long term PRGS analysis
Long term PRGS analysis
Abstract:
Midterm short, mid-longterm long up to $61-$74 levels
PRGS has a very clearly printed correction wave that gives a solid base for a high probability long term analysis.
Wave analysis gives us powerful tools for direction and potential forecasting, but it is a probability forecast.
There are two options that can develop. Both have same direction and similar target levels, but a different path.
Option 1)
Impulse ending a cycle wave
started 02.2009
up to levels $61-74 (01.2021)
Confirmation: Clear breakthrough of $37 level
Rejection: Powerful bounce from levels around $37
Probability: 60%
Option 2)
An impulse ending an intermediate wave
started 10.2018
up to levels of $64 (04.2020)
Confirmation: Powerful bounce from levels around $37
Rejection: Clear breakthrough of $37 level
Probability:40%
As patterns develop and give more clues which option will follow, I will update the idea.
At levels $37, we will look fo:
1) price action, candle strength on dayly and 4H charts.
2) RSI and MACD divergence indicating bear weakness and potential reversal
Abstract:
Midterm short, mid-longterm long up to $61-$74 levels
PRGS has a very clearly printed correction wave that gives a solid base for a high probability long term analysis.
Wave analysis gives us powerful tools for direction and potential forecasting, but it is a probability forecast.
There are two options that can develop. Both have same direction and similar target levels, but a different path.
Option 1)
Impulse ending a cycle wave
started 02.2009
up to levels $61-74 (01.2021)
Confirmation: Clear breakthrough of $37 level
Rejection: Powerful bounce from levels around $37
Probability: 60%
Option 2)
An impulse ending an intermediate wave
started 10.2018
up to levels of $64 (04.2020)
Confirmation: Powerful bounce from levels around $37
Rejection: Clear breakthrough of $37 level
Probability:40%
As patterns develop and give more clues which option will follow, I will update the idea.
At levels $37, we will look fo:
1) price action, candle strength on dayly and 4H charts.
2) RSI and MACD divergence indicating bear weakness and potential reversal
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.