PLTR stock: do you have the patience for 700% gain in a decade?Do you even patience bro?
do you have the patience to wait 10 years to let a stock work for you?
what if you were staring at a huge gain in your account? could avoid the urge to sell?
#peterlynch #growthstocks
PLTR trade ideas
Weekend special - Will 2023 be a better year?As everyone is enjoying the weekend, I want to give you guys on here a special treat!
We cover Palantir for over a year now, and the stock has been trading downwards ever since. Because of the whole bear market last year, which hit technology stocks especially hard, bullish signals couldn’t be observed in this stock.
However, since the new year Palantir could steadily build up momentum and managed to gain almost +23% since the significant low @5.92$. We estimate that the whole bearish count has finally come to an end, and it is very likely that 2023 is going to be a lot better for Palantir than 2022!
From a technical perspective we can clearly say, that Palantir finished three bearish waves, which are marked in orange (iv), red 4 and in purple (4). The last wave down formed a very common chart structure, which is known as the “ending diagonal”. In such chart structures, a wave 3 is mostly very short and wave 1 seems to be very big in comparison to the other waves. The price action in Palantir really depends on how the Nasdaq will perform in the following weeks, currently the whole market seems to recover, and we are confident that Palantir will profit from this.
Investors who are interested in this company and who don’t already hold stocks can use this opportunity to accumulate in our marked zone. (9.63$ - 5.13$)
We currently cover a microcount which can be seen below, as many investors who are familiar with Elliot waves know – micro counting is very speculative. We are going to monitor Palantir very closely in the next weeks and if investors on here are interested in this company we could post updates about it more frequently.
In our microcount we are currently in wave (v) in green. The wave (v) should push the price into the orange Fibonacci zone ranging from $7.24-$7.70, overshooting is possible. After this the price should go into a small wave 2 correction, we will calculate a new buy zone for wave 2.
Please note that we are already invested in Palantir with 2 positions, which we announced last year. If Palantir manages to establish a minor bullish wave 1 – wave 2 we will decide to acquire another position…
Long #1 (Announced 21.03.2022)
AVERAGE EXECUTION PRICE: 12.53$
STOP-LOSS: NONE
LONGTERM TARGET: +80$
Long #2 (Announced 09.05.2022)
AVERAGE EXECUTION PRICE: 7.59$
STOP-LOSS: NONE
LONGTERM TARGET: +80$
Palantir UP!Palantir Technologies Inc. builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations.
Trading at 66.2% below our estimate of its fair value
Revenue is forecast to grow 26.26% per year
Reversal PatternIt is not a strong Reversal Pattern that may be built this week. Anyway it does not look like a continuation of the rise. The momentum is declining at least. A short position may be not harmful after this uncorrected parabolic rise since August.
Palantir Short Term CorrectionPalantir is super overbought on higher time frames!
Expecting rejection from 45$ level , into an ABC corrective wave leading to $30.
Lets see!
PLTR: Joining the NASDAQ tomorrowLegging up one more time...
Some bullish divergence on the 4 hour.
Decreased selling volume.
78 would be 423.6% of the 3 wave we're currently in.
BUY OPPORTUNITY COMINGPLTR has been slow to get off the ground, but treading below 30 has proven to be strong long term accumulation. That said, while the structure is a little unclear due to it’s recent parabolic nature, there is evidence in possible counts that a pullback is near, and will possibly create a buying opportunity. With the lack of weekly divergence, I would lean toward a wave three top being near, with a target in the 70 zone. The wave 4 pullback will like target the 50 zone, but could be as low as the 40 zone. If correct, I see value in buying the dip for long term growth.
PLTR: Bears are gonna hate me for this one...We're just getting started.
Based on wave theory we're technically on wave 3 of our impulse moves (which is always the strongest). We may reach 68 or even 78-80 for a 423.6% extension before correction wave 4.
From there, I believe 2025 will continue to be a bullish year and the final wave 5 will take us to further heights, at least to 120-140
The thesis for PLTR that everyone will be talking about -- which many Palantarians who have been investing since 6 - 15 -- is that their total addressable market... Is total. I mean, everything. Palantir's software will be in every enterprise, every government system, a part of every operating system.
The valuation does not, I repeat does not matter when within an impulse move. That's the point of the impulse.
Best of luck everyone. This isn't me telling you to trade or do anything. Just presenting what I believe I see.
PLTR Poised for a Breakout: Scalping & Swing Trade for Nov. 25PLTR is currently trading within a key range, showing signs of strength after reclaiming a significant support level. With bullish momentum building, PLTR offers an attractive opportunity for both scalping and swing trades. Let’s dive into the technical details and create a game plan.
Market Structure:
1. Trend Analysis: PLTR is forming higher lows and has broken out of a consolidation phase, hinting at further upside potential.
2. EMA Signals: The 9 EMA has crossed above the 21 EMA on the hourly chart, indicating bullish short-term momentum.
3. Volume: Steady volume increases during upward moves signal active buyers entering the market.
Key Levels:
* Resistance: $64.50, $67.44.
* Support: $63.00, $60.83, $58.84.
Liquidity Zones:
* Demand Zone (Support): $63.00–$63.50. This level is acting as a base for current price action, where buyers have shown strength.
* Supply Zone (Resistance): $64.50–$65.00. Sellers have previously stepped in here, creating a potential challenge for further upward movement.
Price Action Insights:
1. PLTR is trading in an ascending wedge pattern, often a bullish continuation setup.
2. Recent price action shows clear rejection from $63.00, confirming it as a strong support level.
3. A break above $64.50 could trigger momentum toward the next resistance at $67.44.
Order Blocks:
* Bullish Order Block: $63.00–$63.50, where institutional buying activity is likely.
* Bearish Order Block: $64.50–$65.00, where sellers are defending price aggressively.
Entry & Exit Suggestions:
For Scalping:
* Entry: Look for a bounce near $63.50 if the price shows bullish rejection wicks.
* Target: $64.50 (partial profit), $65.00 (final target).
* Stop-Loss: Below $63.00 to manage risk.
For Swing Trade:
* Bullish Scenario:
* Entry: Above $64.50 on a confirmed breakout with volume support.
* Target: $67.44, followed by $70 for extended upside.
* Stop-Loss: Below $63.00 to protect against downside risk.
* Bearish Scenario:
* Entry: Below $63.00 if price fails to hold support and shows strong bearish momentum.
* Target: $60.83, followed by $58.84 for further downside.
* Stop-Loss: Above $63.50.
Thoughts & Projections:
* Bullish Outlook: If PLTR clears $64.50 with strong volume, it is likely to continue its upward momentum toward $67.44 and potentially higher.
* Bearish Outlook: A breakdown below $63.00 could bring PLTR back to its prior support zones near $60.83.
Playbook & Game Plan:
1. Pre-Market Prep:
* Mark $63.00 and $64.50 on your chart.
* Observe pre-market volume to gauge momentum near these levels.
2. Scalping Checklist:
* Focus on quick trades within the $63.50–$64.50 range.
* Use the 9 EMA to confirm the short-term trend.
* Take partial profits quickly to lock in gains.
3. Swing Checklist:
* Wait for breakout confirmation or breakdown validation.
* Use volume analysis to confirm the strength of the move.
* Maintain disciplined stop-losses to manage risk effectively.
Conclusion:
PLTR is building momentum within a strong technical setup. A breakout above $64.50 could spark a sharp move higher, while a breakdown below $63.00 would shift focus to lower levels. Scalpers and swing traders alike can capitalize on these opportunities with disciplined execution and risk management.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and use proper risk management techniques when trading.
PLTR Short.Would love to see a dump off these levels. If we hold, its going higher. I would be a buyer way lower in my box.
Thiel Sucks. **** PLTR.
Raw VS Percentage Volatility FormatA Quantitative Comparison of "Buying & Selling Pressure" and "Average Bullish & Bearish Percentage Change"
In market analysis, the choice of averaging method can profoundly influence the insights derived. The "Buying & Selling Pressure " and "Average Bullish & Bearish Percentage Change" indicators demonstrate the unique strengths of fixed-period and candle-count-based averaging approaches.
Key Differences Between Fixed-Period and Candle-Count Averaging
Fixed-Period Averaging in BSP:
➡︎ In "Buying & Selling Pressure", candle metrics are averaged over a defined period (e.g., 14 bars).
➡︎ This provides rapid insights into market sentiment changes, making it ideal for tracking incentive shifts and volatility in real time.
➡︎ However, because this method includes all candles in the averaging window, it may reflect short-term fluctuations, offering less stability compared to candle-count-based methods.
Candle-Count Averaging in ABBPC:
➡︎ "Average Bullish & Bearish Percentage Change"uses a predefined count of bullish or bearish candles for averaging percentage changes.
➡︎ This produces stable and reliable values, which are less sensitive to noise and better suited for risk and reward assessment.
➡︎ The focus on specific candle states ensures that only relevant market behaviors contribute to the averages.
Using Percentage Change for Risk Definition
One of the greatest strengths of the "Average Bullish & Bearish Percentage Change" indicator is its ability to assist in risk and reward calculations with much more market related figures instead of raw values of volatility:
Defining Risk
The average percentage change of bearish candles can serve as a dynamic stop-loss level.
For example, if the average bearish percentage change over the last 10 candles is 2%, a trader can set a stop-loss at 2% below their entry to account for typical market behavior.
Quantifying Reward:
The average bullish percentage change helps identify realistic profit targets.
If the average bullish percentage change over the last 10 candles is 3%, a trader can set a target at 3% above their entry to maintain a favorable risk-to-reward ratio.
Dynamic Adjustments:
As the market evolves, these average percentage changes update, allowing traders to adjust their risk and reward levels in real time for better precision.
Quantitative Advantages of Percentage Change Averaging
Normalization Across Price Levels:
Percentage changes enable consistent comparison across assets with vastly different price ranges.
Enhanced Stability for Risk Assessment:
Candle-count averaging smooths out noise, offering a reliable basis for setting risk parameters like stop-losses and profit targets.
Improved Predictability:
By isolating specific candle behaviors, percentage-based metrics provide clearer signals for trend-following or mean-reversion strategies.
Advantages of BSP’s Fixed-Period Averaging
Despite being less stable, "Buying & Selling Pressure " excels in areas requiring speed and adaptability:
Fast Incentive Tracking:
Period-based averaging adapts quickly to changing market conditions, providing timely insights into shifts in buying or selling pressure.
Broad Volatility Capture:
BSP includes all candles in the defined period, capturing overall market dynamics, including sudden spikes or reversals.
Real-Time Decision Making:
Its responsiveness makes it highly suitable for momentum or breakout trading strategies.
Bottomline:
Use "Average Bullish & Bearish Percentage Change" for stable, consistent data ideal for risk assessment, particularly when defining dynamic stop-loss levels or profit targets based on average percentage changes.
Use "Buying & Selling Pressure " for its speed and adaptability in tracking real-time shifts in market incentives and capturing volatility.
PLTR Analysis: Wave 5 Reaching Its PeakDon't get carried away by the hype. 📉 We're currently in wave 5 of the Elliott Wave cycle, where the market sentiment is at its highest, and those who invested earlier have already secured gains of over 150% 💰.
Ask yourself—will these investors hold or start taking profits? 🤔
Historically, when a stock is all over the news, it signals that we're nearing the top. 🚨
🔴 RSI Alert: The RSI is extremely high, and we are entering a phase of extreme greed.
This is a classic sign that a reversal may be on the horizon.
We're now in the distribution phase, where smart money is selling before the blow-off phase begins.
Be ready for a potential correction and retracement. ⚠️
📊 Key Takeaways:
We're in wave 5 of the Elliott Wave cycle.
RSI is high, signaling overbought conditions.
The extreme greed phase could lead to a sharp pullback.
Monitor for signs of a blow-off top and be cautious of overexposure.
Stay vigilant and watch the levels closely.
This could be a turning point! 📉
Disclaimer: I'm not a financial advisor.
This analysis is for informational purposes only. Always do your own research before making any investment decisions.
#PLTR #ElliottWave #RSI #StockMarket #ExtremeGreed #InvestSmart #TechnicalAnalysis #MarketPsychology #TradingView
PLTR: Key Levels to Watch for Scalping and Swing TradesPLTR has been consolidating within a defined range, showing both bullish and bearish opportunities depending on how the price reacts to key levels. Let’s break down a game plan for both scalping and swing trading, with an emphasis on price action, liquidity zones, and technical analysis.
Market Structure
1. Current Trend:
* PLTR is consolidating with a slight bearish tilt, trading below the descending trendline from recent highs around $64.
* Short-term momentum is neutral as it holds above the key support zone near $58.88.
2. Liquidity Zones:
* Buy-Side Liquidity: Cluster near $63.17, likely attracting sell stops above this level.
* Sell-Side Liquidity: Sitting below the $58.88 support, likely targeting stops if breached.
3. Order Blocks:
* Bearish Order Block: Around $63.00-$64.00, where price sharply reversed.
* Bullish Order Block: Near $58.50, aligning with prior breakout levels and strong buyer interest.
Key Levels
* Resistance Levels:
* R1 (Immediate): $63.17
* R2: $64.00 (Bearish Order Block Zone)
* R3: $67.44 (Liquidity above)
* Support Levels:
* S1 (Immediate): $58.88 (Strong Demand Zone)
* S2: $56.00 (Swing Low Support)
* S3: $53.55 (Major Confluence Zone)
Entry and Exit Plan
Scalping:
1. Bullish Setup:
* If price breaks above $63.17 with strong volume, look for quick scalps targeting $64.00.
* Stop-loss: Below $62.50 to manage risk.
2. Bearish Setup:
* If price rejects near $63.00, short opportunities exist targeting $60.50, with a stop-loss above $63.50.
Swing Trade:
1. Bullish Setup:
* Enter near $58.88 support if price bounces with a clear reversal signal. Target $64.00 for a swing trade.
* Stop-loss: Tight stop below $58.50.
2. Bearish Setup:
* If PLTR breaks below $58.88 with momentum, a swing short targeting $56.00 and $53.55 is viable.
* Stop-loss: Above $59.50.
Indicators and Insights
* Moving Averages:
* Price is hovering near the 9 EMA and 21 EMA, which are converging—a sign of consolidation and potential breakout soon.
* MACD: Momentum is flattening, indicating a lack of conviction on either side, but a bearish crossover could trigger further downside.
Where It’s Headed
1. If PLTR breaks above $63.17, we could see bullish momentum take the stock toward $64.00 or higher, challenging recent highs.
2. A failure to hold $58.88 would shift the focus to lower levels, potentially triggering a sell-off to $56.00 or $53.55.
Playbook and Game Plan
1. Scalp Strategy: Trade breakouts or rejections at $63.00 and $58.88 with tight stops and quick exits.
2. Swing Strategy: Look for strong reactions at major support ($58.88) or resistance ($64.00) for longer holds.
3. Risk Management: Always define your stop-loss before entering a trade. Use smaller position sizing when trading within consolidation ranges.
Disclaimer:
This analysis is for educational purposes only. Please do your own research and consult with a financial advisor before making any trading decisions. Trading involves significant risk, and you can lose more than your initial investment. Manage risk wisely!
$PLTR: Company OutlookNYSE:PLTR : Company Outlook
We could potentially see a breakdown here. So keep it on your watch.
I will keep you updated!
Like & FOLLOW for more ideas.
Bearish Bearish divergence noted on daily chart. Put debit on December 12/20 $50 and $40 debit spread as on close today for $36 dollars. See if you can get it better tomorrow for a max potential profit of $936 on expiration. Price has shown weakness at R5.
Get out for a $100 dollar profit. Don’t be greedy. Learn to grow profit slowly.
Good luck!
PLTR: Navigating the Retracement for Nov. 19, 2024Technical Analysis Overview: Palantir Technologies (PLTR) has entered a retracement phase, falling from recent highs near $67. Despite the pullback, critical support and resistance levels present potential opportunities for both scalpers and swing traders to capitalize on short-term and mid-term movements.
Price Action Insights:
Trendline Support:
A sharp rejection from $67 indicates sellers are in control. However, the current price around $60 approaches a strong trendline and horizontal support, signaling a possible rebound.
Key Levels:
Immediate Resistance: $63.50 — A break above this level could open the path to retest $67.
Critical Support: $58.50 — Failure to hold here may lead to deeper retracements toward $55.
Supply and Demand Zones:
Demand Zone: $58-$60 — Buyers are likely to step in, considering this region's historical strength.
Supply Zone: $65-$67 — Sellers are likely to defend this area, especially if momentum fades.
Order Blocks:
The consolidation between $58 and $63 serves as a key order block. Watch for price behavior within this zone for high-probability setups.
Indicator Analysis:
EMA Strategy:
9 EMA and 21 EMA: The bearish crossover suggests continued weakness, but the price stabilizing near these EMAs could signal a reversal.
MACD:
The MACD line approaches a potential crossover below the signal line. If confirmed, it could indicate a reversal of bearish momentum.
Game Plan for Scalping:
Entry Points:
Long: Above $61.50, targeting $63-$63.50.
Short: Below $58.50, targeting $57.
Exit Points:
Scalpers should lock in profits near key support and resistance levels for quick trades.
Game Plan for Swing Trading:
Bullish Scenario:
Entry: Above $63.50 with a breakout confirmation.
Target 1: $67; Target 2: $70.
Stop Loss: Below $60.
Bearish Scenario:
Entry: Below $58.50 on a breakdown with volume.
Target: $55.
Stop Loss: Above $63.
Thoughts and Suggestions: PLTR is at a critical juncture. For scalpers, focus on intraday price movements within the $58-$63 range. Swing traders should wait for confirmation of a breakout or breakdown before committing to positions. The current setup favors cautious optimism, with buyers likely to defend key support levels.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always perform your own due diligence before trading.
11/11/24 - $pltr - FAFO >$60- i'll probably get some hate for this one, also idc
- largest short i've ever had in the book. $1mm. good luck to the longs.
- price and momentum are in your favor. i'll give u that.
- i'll call BS with a ton of skin in the game.
- 40x sales? grows sales 20-25%? margins sub tier software? your gawd alex taking advantage of the meme and dropping 1/3 of his bags.
- look there's a difference between a company and a stock. awesome company. but the valuation is 100% past the point of no return.
- i'm wrong a lot. but this one looks like a nice setup to hedge my btc and nxt mega positions.
:)
V
PLTR Near Crash ValuationPalantir meteoric rise after transfer from NYSE to NASDAQ will come to halt soon as their strong fundamental doesn't move up along with the stock rise. Currently Palantir stock price stand near $66 per share while Book Value per share is traded only at $1.98. So it is traded dangerously at 33 times of Book Valuation per share. The Stock Value Rainbow indicator shows that Palantir stock price is traded far beyond the it's valuation. Stock Value Rainbow measures stock value based on book value per share, earning per share, cash flow per share, dividend per share, couple with estimated earning per share. Rainbow colors show multiple value of it's cumulative total. Palantir crashes on end of Jan 2021 while traded at $44 while its Book Value per share stood at 0.87, which is around 45 times it Book Value per share. The price never recover until Nov 2024. The same meteoric rise recently will sink Palantir stock value for a long period of time as before, as the valuation doesn't catch up stock value. So be really cautious about the next coming crash!
(PLTR): Continuation or Pullback? Nov. 18, 2024PLTR has been rallying within a rising wedge pattern, signaling strong bullish momentum. However, price action near resistance levels suggests the potential for either a breakout or a pullback. Let’s outline key trading setups for scalping and swing trades based on the current technical structure.
Technical Overview:
Market Structure:
Trend: PLTR remains in a strong uptrend, forming higher highs and higher lows within a defined wedge.
EMA Levels: The 9 EMA (purple) and 21 EMA (blue) are trending upward and acting as dynamic support.
Key Levels:
Resistance Zones:
$66.50 – Immediate resistance near the wedge upper boundary.
$67.50 – Major resistance from previous highs.
Support Zones:
$65.00 – Current support at the wedge midline.
$63.50 – Strong demand zone and previous breakout level.
$58.50 – Critical support from the recent consolidation zone.
Supply and Demand Zones:
Demand Zone: $63.00–$63.50, where buyers stepped in previously.
Supply Zone: $66.50–$67.50, where sellers have historically taken control.
Indicators:
MACD: Histogram shows bullish momentum, but with signs of potential weakening as the price nears resistance.
Volume: Increased volume on green candles signals strong buyer interest.
Pattern:
Rising wedge with a potential for a breakout above $66.50 or a pullback to the lower boundary.
Game Plan:
Scalping Plan (1-Min and 5-Min Timeframe):
Entry for Long:
Buy on a breakout above $66.50 with strong volume.
Target 1: $67.00 (quick scalp).
Target 2: $67.50 (major resistance).
Entry for Short:
Sell on rejection at $66.50 or a breakdown below $65.00.
Target 1: $64.00 (scalp to next support).
Target 2: $63.50 (demand zone test).
Stop Loss:
Long: Below $66.00.
Short: Above $66.80.
Swing Trade Plan:
Bullish Scenario:
Buy if price holds $65.00 and breaks above $66.50.
Target 1: $67.50 (major resistance).
Extended Target: $70.00 (psychological level and breakout extension).
Stop Loss: Below $64.50.
Bearish Scenario:
Sell if price breaks below $63.50 with volume.
Target 1: $61.50 (key support level).
Extended Target: $58.50 (demand zone).
Stop Loss: Above $64.00.
My Thoughts:
For Scalping: Focus on the $65.00–$66.50 range for quick trades, particularly near the wedge boundary. Volume confirmation is key.
For Swing Trades: Watch for a breakout above $66.50 to continue the bullish trend or a breakdown below $63.50 for potential bearish opportunities.
Directional Bias:
Short-term: Bullish above $65.00 with the potential for a breakout.
Mid-term: Neutral-to-bullish unless price breaks below $63.50.
Actionable Suggestions:
Monitor the $66.50 level for breakout/rejection signals.
Use $65.00 as a key level for intraday trading setups.
Avoid entering trades in the middle of the range ($64.00–$65.00) to minimize noise.
Disclaimer:
This analysis is for educational purposes only and not financial advice. Always use proper risk management when trading.
A bullish outlook for PALANTIR next week as it approaches $72PALANTIR's stock has shown remarkable upward momentum recently, largely due to
the excitement surrounding its shift from the New York Stock Exchange to
NASDAQ. Investors responded favorably, pushing the stock price significantly
higher, with recent highs reaching around $71. Analysts are polarized on the
company's valuation, given its lofty multiples compared to peers, prompting
a mix of bullish sentiment and caution among investors.
- Key insights revolve around PALANTIR's strong fundamentals, driven by
substantial growth in government contracts and AI-driven solutions. The fear
of missing out (FOMO) has notably propelled its recent price surge.
Investors should weigh the company's growth narrative in the AI sector
against potential valuation concerns. Analysts suggest keeping an eye on
upcoming earnings, which will serve as a crucial indicator of future stock
performance.
- Expert analysis reveals a generally optimistic sentiment toward PALANTIR's
trajectory, with a marked increase in positive mentions across various
platforms, boosting the sentiment score significantly over last week.
Industry experts note that while revenue growth is impressive, lingering
skepticism about valuation remains a point to consider for potential
investors.
- Based on the wisdom of all professional traders, next week’s targets for
PALANTIR are Target 1 at $71 and Target 2 at $72. Stop levels are
established as Stop 1 at $58 and Stop 2 at $53. For longer-term investors,
targets may extend to approximately $75 within the next month, contingent on
continued strong performance and favorable market conditions.
- Notable news affecting PALANTIR includes its announced transition to NASDAQ,
which is seen as a significant move that may bolster investor interest. The
company's strong earnings report and partnerships, notably with L3 Harris
for AI applications in the defense sector, also play pivotal roles in
shaping market sentiment. Additionally, analysts expect the upcoming
earnings report to be a critical moment for PALANTIR, impacting its stock
trajectory in the near term.
PLTR NEED A LEG?Everyone is extremely bullish for PLTR. I am as well, awesome to see PLTR go up.
But is it time to get a leg down to go even higher?
I believe that before we reach the 70/75 area, we need a sell to the 55 area. PLTR is way too up and has barely any space to breath within it's market without a single rebound in it's major trend line or minor ones.
Be mindful going up with the trend that you don't get caught on the breather. If you do don't worry. I can see this going to $100 by 2025 so you don't have an opportunity to lose unless unexpected news comes which are related to health specifically or financial issues for the company which I don't see going.
Something that might trigger could be a potential separation due to politics on the internal side of the company, which I don't believe might happen or might affect the company regardless.
Palantir to plunge 40% ??In seven days from now Palantir will publish their not so hot earnings report.
How can I know this?
The chart.
On the above 6 day chart price action has rallied a massive 600% in 24 months. A number of reasons now exist to be short. They include:
1) Support and resistance. Both price action and RSI are at resistance.
2) Price action support has failed. See daily chart below.
3) The Bollinger Band (red arrows). Explosive moves in price action eventually reach exhaustion. This is first indicated by the Bollinger band as the mouth curls inwards. This is a strong indication of a trend reversal.
4) The 40% correction is derived from past resistance, which has never confirmed as support. It is also a significant Fibonacci level.
Is it possible price action breaks resistance and continues to climb? Sure.
Is it probable? No
Ww
Trend breakout on daily
