UPST-- bearish territory started. Might go down in waves. But the descend is on. The wild ride or more than 1000% gains since the beginning of the year are about to end.
There will be a profit-taking cycle happening.
Few data points,
1) 9 EMA crossing below 23 EMA
2) Price is not able to break above the trendline from recent highs. Forming lower lows on daily
3) Price is not able to break above 9EMA recently on 4hr and daily
4) 333 is acting as resistance from the left shoulder of the H&S pattern.... and in the distribution phase, as per stock cycles
If you follow this chart, it is matching to the textbook representation of stock cycles. Will it go down before ER or after?
Note: ER is on Nov 9th. It is time to watch this one. What do you guys think?
There will be a profit-taking cycle happening.
Few data points,
1) 9 EMA crossing below 23 EMA
2) Price is not able to break above the trendline from recent highs. Forming lower lows on daily
3) Price is not able to break above 9EMA recently on 4hr and daily
4) 333 is acting as resistance from the left shoulder of the H&S pattern.... and in the distribution phase, as per stock cycles
If you follow this chart, it is matching to the textbook representation of stock cycles. Will it go down before ER or after?
Note: ER is on Nov 9th. It is time to watch this one. What do you guys think?
Note
investopedia.com/articles/trading/08/stock-cycle-trend-price.asp Stock cycles
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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.