Here we are for the update of my previous analysis.
In only one week, we reached the buy zone which match the 50%-61.8%. I draw that zone because we may be in the second wave of Elliot impulse wave theory. The wave two often completes in that zone.
Moreover, a lot of people wanted to spot the real cup&handle, and as you can see, the follow cup&handle could be the real one.
We are watching now a rejection of the 50% Fib level, but as you can see on the RSI, is the bearish divergence. Today may be bullish, but we would enter in that buy zone for few days.
Don't forget that is an idea, just do your own analysis too. That could fail if the buy zone is broken down. However, as the blue line trend indicates, we would not see lower lows.
On the weekly chart, we clearly see a potential of second wave forming.
In only one week, we reached the buy zone which match the 50%-61.8%. I draw that zone because we may be in the second wave of Elliot impulse wave theory. The wave two often completes in that zone.
Moreover, a lot of people wanted to spot the real cup&handle, and as you can see, the follow cup&handle could be the real one.
We are watching now a rejection of the 50% Fib level, but as you can see on the RSI, is the bearish divergence. Today may be bullish, but we would enter in that buy zone for few days.
Don't forget that is an idea, just do your own analysis too. That could fail if the buy zone is broken down. However, as the blue line trend indicates, we would not see lower lows.
On the weekly chart, we clearly see a potential of second wave forming.
