Xem has been in consolidation for a bit now and has been forming a falling wedge. It's resting on cloud support and the .5 FIB. The rsi is in a falling wedge which should break up and the macd histogram is turning positive.
On the 4 hour chart there's both bullish divergence on the rsi and macd.
I'm trying to put an Elliot count on it and this is what I got for wave 2. I think were in the Wave 5 of the C wave.
Zooming in on it to look for the ending diagonal of wave 5. XEM is in wave 3 of in the 5th wave. Putting an FIB retracement it looks like it could drop into around 1677 to bottom out at.
Entry Ladder: 1709, 1677, 1602 (.618 FIB), 1573 (.65 FIB)
SL: below .65 FIB
Re-enter at .786 FIB of 1451
TP: 2579 however this can change and will keep updating.
On the 4 hour chart there's both bullish divergence on the rsi and macd.
I'm trying to put an Elliot count on it and this is what I got for wave 2. I think were in the Wave 5 of the C wave.
Zooming in on it to look for the ending diagonal of wave 5. XEM is in wave 3 of in the 5th wave. Putting an FIB retracement it looks like it could drop into around 1677 to bottom out at.
Entry Ladder: 1709, 1677, 1602 (.618 FIB), 1573 (.65 FIB)
SL: below .65 FIB
Re-enter at .786 FIB of 1451
TP: 2579 however this can change and will keep updating.
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it could drop 1 more time to hit the .618 to .65 FIB are
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Also it could already be finished. its showing bullish divergence but not quite sure if it needs to wick down to hit the .618 area
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1573 to 1602 area has a lot of confluence. It might still take a few days to hit.
Note that it did golden cross the 50 sma and 200 sma on the daily chart too. This is another sign a reversal should be coming in the near future
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order filled. should be close to reversal imo
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The 4 hr RSI is showing bulish divergence and the MACD's histogram is turning positive. XEM is in the golden zone which is the .618-.65 area. It's looking good to go up.
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BOOM! closed with a hammer candle. Bounced right off the .65 FIB. XEM is primed to pump. The falling wedge is near complete. The rsi falling wedge is also looking like it should bounce. Great entry price at 1606
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XEM fell a little further than I expected. However, it's breaking out of the falling wedge right now. It's testing the falling wedge as support, and the probability of it going higher is now increased from that breakout.
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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.