The weekly chart looks like a textbook Primary W1 to W2 setup, with a hollow green candle last week from the previous weeks low. The primary wave 3 target here is $8.29, with a final Wave 5 target of $10.46.
The weekly RSI is curving up, hoever the momentum has been falling and the stoch RSI is still trending downward, so we could see a slight dip if the overall market is red early this week. This seems likely as a lot of other stocks are showing a similar W1-W2 setup, so a corrective wave could be looming.
If we look at the ichimoku cloud however, it has started opening up, so that provides a bit more conviction that, on the longer time frame, we could be heading up. Further more, by overlaying the pitckfork on our EW setup, we can get some estimates for price and time targets.
If this setup follows through as expected, i will be looking to buy a pull back around $1.81-1.77 (will likely set my bid at $1.85). We should see around $5.50 by early april, and if this comes to pass it will give us further conviction.
I'll be looking for my first sell taget at $8.29, around late april, followed by a consolidation to around $5 by mid may and then a final sell target between $9.80 to $10.40 sometime between late june to late july.
TL:DR
Buy on pullback at $1.85 this week (March 15-19)
PT1 = $8.25 by late april
PT2 = $9.80 by late june to late july.
The weekly RSI is curving up, hoever the momentum has been falling and the stoch RSI is still trending downward, so we could see a slight dip if the overall market is red early this week. This seems likely as a lot of other stocks are showing a similar W1-W2 setup, so a corrective wave could be looming.
If we look at the ichimoku cloud however, it has started opening up, so that provides a bit more conviction that, on the longer time frame, we could be heading up. Further more, by overlaying the pitckfork on our EW setup, we can get some estimates for price and time targets.
If this setup follows through as expected, i will be looking to buy a pull back around $1.81-1.77 (will likely set my bid at $1.85). We should see around $5.50 by early april, and if this comes to pass it will give us further conviction.
I'll be looking for my first sell taget at $8.29, around late april, followed by a consolidation to around $5 by mid may and then a final sell target between $9.80 to $10.40 sometime between late june to late july.
TL:DR
Buy on pullback at $1.85 this week (March 15-19)
PT1 = $8.25 by late april
PT2 = $9.80 by late june to late july.
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