PlayDefence

PlayDefence

note: wave counts refer to DanV's idea

PlayDefence

- Double bottom is possible at previous low $210 (green arrow) - then retrace to red arrow possibly

PlayDefence

- Compare WAVE 3 & 5's MACD, WAVE 5 lost momentum compares to WAVE 3, double top formation - Both Wave 3 of WAVE 5 & Wave 3 of WAVE 3 has RSI extreme reading, support Wave 3 count makes sense - RSI trendline broke and now RSI is below 50 on weekly chart, which is really bearish - Comparing time circle of WAVE 3 & 5, it shows WAVE 5 is shorter than WAVE 5 on time...

PlayDefence

This time WAVE C as an impulse wave, no more description yet

PlayDefence

* Long term correction as WXY (double zigzags) * Wave B retrace 50% of Wave A * Wave C looks like an ending diagonal but wave 1, 3 dont have clear threes waves structure. But MACD indicator show previous low is probably wave 3 with MACD lowest low, plus MACD & RSI reverse divergence * Weekly 30MA act as major resistance, with less volume Summary: Big drop probably

PlayDefence

* Long term correction as WXY (double zigzags) * Wave B retrace 50% of Wave A * Wave C looks like an ending diagonal but wave 1, 3 dont have clear threes waves structure. But MACD indicator show previous low is probably wave 3 with MACD lowest low, plus MACD & RSI reverse divergence * Weekly 30MA act as major resistance, with less volume Summary: Big drop probably

PlayDefence

This time I count the wave by comparing historic RSI. details on chart.

PlayDefence

According to Elliot Wave guideline, wave 2 will retrace 50~62% of wave 1, if my counts is right. Also, RSI divergence indicates the index's top, plus latest canldestick, either Doji or Spinning Tops. There's not that much doubt on next week's movement. Bull circle is identified by weekly 30MA.

PlayDefence

I tried to draw my own trend line, don't know if it's valid or not. Anyway, I drew it with my best. Newbie's idea, if price cant break above $250 within 24 hours, I think it worths to short below $250, target $236~230 area. If price break above $250, pay attention to potential double top at ~$260, then short below $260 target $236~230 area. Trend line knowledge...

PlayDefence

This is my first try to identify support and resistance. Above is resistance area $260~280, below is support $240. Due to breaking into $255~260 area lack of follow-through, so I think it worths to short below previous high $262.98, target $245~240. Newbies' idea anyway.

PlayDefence

huge reverse divergence, does it mean price will reverse huge ?

PlayDefence

reverse divergence, right?

PlayDefence

last high after no reverse divergence