Price showing ABC correction after initial 5 part bullish wave and rising wedge pattern.
Expecting price to retrace into the golden zone (62% retracement level on 1D timeframe) and touch the 50 EMA for additional confluence at $50,000 institutional figure by next week.
I will go long at $50k and hold until the end of the year.
Price pushed up with decreasing volume so the volume divergence gave us the signal that the move up was fake and would act as the spring, entry was taken upon the break of the inside bar. I expect price to fall down to the Retail support line and break through the line after an intial fakeout to then go on to the Markdown phase.
RSI divergence just started with strong upwards momentum on the last 1h candle so would look to go long based on a continued ranging market enviroment.
RSI went below 50 so I'm expecting price to move down towards the midline of the downward sloping channel as it has done previously before bouncing back to the resistance line.
Taking Long position as a long term trade:
Impulse Wave 5 of Elliot Wave Pattern started
Fibonnacci Retracement shows pricing bouncing from 0.64243 level
Expecting price to reach pre COVID-19 levels based on strengthening NZ economic climate and ease of lockdown
Looking to take long based on strong head and shoulders formation, will take TP at 135.202 based on downward gradient of neckline and lower right shoulder.
