seeing Weakness in the Australian Dollar- AUDNZDSpiked down around 5-5:30 PM ET then hit resistance at 1.0365
retraced approximately 50% of the move.
connors rsi was above 80
Connors
TRVG - Don't Wait - TRIVAGO LongNot a lot of history, so we have to look at the 1h. ON daily screen Connors 2 Period registered an extremely low 8, indicating oversold. ( yellow rectangle)There has been nice volume. On the hourly chart we have a bullish sash pattern that complete earlier today. TSI has moved up and crossed signal line.
Elliot wave count could be either starting new wave 1 as we have just completed A-B-C correction, or a larger view would have it as completing wave 2 of the next higher degree. Stop for short terms can be just below the completed candle. For a longer view, stop at 10.85 , as Elliot says wave 2 cannot retrace 100% of wave 1.
Short term target 12.24 for a quick in and out of about 4%. Long term can be much higher point B minimum.
TELL Taking Off - Candles, Connors, Director and Elliot say YesPrice just completed a Bullish Hammer. Connors RSI at 10 indicating extremely oversold- Yellow squares mark the four other times this has happened this year. The company's director(s) just bought 24k and 38K, and the corp another 38K. For Elliot it looks like the correction A-B-C wave has completed, and wave C has extended into the area of the previous impulse wave 4 - a reliable guideline. So we are beginning a new impulse wave 1. Long term trade target 26.00 - the 1.618 fib level to complete the next five wave impulse. Short term 18 ish to complete wave 1. Good risk reward with a tight stop @ 9.50.
