Making the case for a bottom being complete at this level. There will be a retest of the bottom but my thesis is that it should hold above $8.37.
There are a few items for my thesis. One, there is a Bullish Divergence on the weekly time frame. Two, Accumulation/Distribution is still holding well, even with the large RED Volume…price did not move too much. Three,...
Looking at potential local bottom being formed, new to this but this is my thesis.
To me it looks like the 6th wave is starting to complete, then it going to roll over to form the 7th wave before I would consider it being the bottom. It might pass or meet its recent low(bottom of 6th wave 106-102 range). If it holds there, then I would watch for an accumulation...
Writing this as an example to friends of why its so important to put in a "Stop Loss" in every position that you're holding overnight or even long term.
In this scenario I bought at the top and held the position for five years, waiting for a bottom to form.
1st Purchase: 12-29-2020 - (30) Shares @ 231.30
2nd Purchase: 05-23-2024 - (30) Shares @ 81.91
3rd...
