BPMC
With indexes showing bearish potential, this is quite a tasty looking short setup here as this stock has just had a big earnings gap up today.
This appears to be a 1:1.618 ABC with an Ending Diagonal.
Ending Diagonal is is just an ascending wedge at the end of an impulse wave.
Notice the bearish divergence on the week chart.
That tends to be very significant.
This hasn't quite reached the 1.618 which is @ $111.44.
You could just short here but that is where the fib is and its probably odds on to hit it.
If it does I have a limit short order there.
If it did top out at the 1.618 then I think it can get back the the 0.618 retracement @$57.
I wouldn't hold the short that long but this could be quite a severe downtrend coming 👍.
Not advice
With indexes showing bearish potential, this is quite a tasty looking short setup here as this stock has just had a big earnings gap up today.
This appears to be a 1:1.618 ABC with an Ending Diagonal.
Ending Diagonal is is just an ascending wedge at the end of an impulse wave.
Notice the bearish divergence on the week chart.
That tends to be very significant.
This hasn't quite reached the 1.618 which is @ $111.44.
You could just short here but that is where the fib is and its probably odds on to hit it.
If it does I have a limit short order there.
If it did top out at the 1.618 then I think it can get back the the 0.618 retracement @$57.
I wouldn't hold the short that long but this could be quite a severe downtrend coming 👍.
Not advice
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The tide is turning and blind hodlers might be rekt down the road💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35