The price has been fluctuating for a while. As we can see, it has followed the Elliott wave, now, it entered the correct wave. The price met a strong pressure on point 5, which was also the upper band of the Bollinger Bands. Then it bounced back toward the middle line of the Bollinger Bands.
Since the price has already met the strongest resistance point of the Elliott wave, I believe it could start the correct wave.
The MACD shows the bearish signal, so does the RSI, which means we could be more confident on the correct wave.
How far could the correct wave go?
Let’s see, according to the Fib line, we could see if it meet the 0.618 level first.
Let’s expect the price to go down.
Since the price has already met the strongest resistance point of the Elliott wave, I believe it could start the correct wave.
The MACD shows the bearish signal, so does the RSI, which means we could be more confident on the correct wave.
How far could the correct wave go?
Let’s see, according to the Fib line, we could see if it meet the 0.618 level first.
Let’s expect the price to go down.
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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.