CRWD: Possible 5 R/R ratio down side tradeCrowdstrike has had a good run up, about 800%, since covid19 low back in March 2020. Price is still contained within the long term up trendline, which means the uptrend is still intact.
From the Weekly chart, it has completed the 12345 impulse wave, and is now at A retracement.
Daily chart, it's currently pulling back to 4th wave and preparing for 5th wave selloff.
(We should be anticipating a Zigzag 5-3-5 pattern as well, and this will give us an ABC correction on the Weekly)
Entry: Look for price rejection at Supply Zone, around $266-270
Stop loss: Don't want to see it encroach too much into wave 1's territory i.e. $ above $275
Target profit 1: Demand Zone around $245
Target profit 2: Trendline support around $232
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
