Adidias - more downside awaiting (?)
I chose to present the chart as log scale to show more clearly the sub-waves of the white impulse count. Without that the impulsive structure of the waves wouldn´t be easy to see.
My main scenario is that Adidas will become cheaper in the foreseeable future as market price broke the structure indicated by going below the white "IV".
Also, the current uptrend on the weekly doesn´t look bullish at all as it is lacking impulsive price behaviour.
The indicators also suggest that the stock topped a while ago and we can see a bearish cross on the MACD and different kinds of divergences on the RSI.
My alternative suggests that the wave V is not finished. (light blue count) However, I do not like the deep retracement for the wave 4 in that case and that is why it only my alternative.
My main scenario is that Adidas will become cheaper in the foreseeable future as market price broke the structure indicated by going below the white "IV".
Also, the current uptrend on the weekly doesn´t look bullish at all as it is lacking impulsive price behaviour.
The indicators also suggest that the stock topped a while ago and we can see a bearish cross on the MACD and different kinds of divergences on the RSI.
My alternative suggests that the wave V is not finished. (light blue count) However, I do not like the deep retracement for the wave 4 in that case and that is why it only my alternative.
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