Short term direction: Short
Reasons:
Starting our analysis on the daily chart we can see, that the price has just made a five-wave Elliot Wave formation and has probably just ended the final impulsive wave 5. That means that a bearish correction is probably going to form soon. The overbought RSI also implies that that is the next move we should be looking for.
On the four hour chart, we can see that a rather strong support line is below the endpoint of wave five. We believe that the first bearish move that is going to happen should touch the line before a corrective bullish move starts to form.
On the hourly chart, we can see that a symmetrical triangle formation has been formed. We are looking for the price to make a breakout below the lower support line and make a further bearish move towards the indicated blue support line after that.
We wish you good luck with your trading!
Reasons:
Starting our analysis on the daily chart we can see, that the price has just made a five-wave Elliot Wave formation and has probably just ended the final impulsive wave 5. That means that a bearish correction is probably going to form soon. The overbought RSI also implies that that is the next move we should be looking for.
On the four hour chart, we can see that a rather strong support line is below the endpoint of wave five. We believe that the first bearish move that is going to happen should touch the line before a corrective bullish move starts to form.
On the hourly chart, we can see that a symmetrical triangle formation has been formed. We are looking for the price to make a breakout below the lower support line and make a further bearish move towards the indicated blue support line after that.
We wish you good luck with your trading!
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.