It seems we have a possible Wave 3 in progress going LONG on the Daily, all the way to the top of the trendline.
There is however, a possibility that price action will reverse and form a Bearish Butterfly Harmonic pattern, where a more precise entry setup would be visible, after pinning the Blueberry EMA. Water and Mayo EMAs show current uptrend which would confirm the most probable trend at the present point in time. In terms of TDI, it shows higher than normal probability of bullish trend at this point in time.
In my opinion, it is quite probable that the price action will continue in a bearish trend with completion of a Wave 3.
Caution is highly recommended on entry on this stock, as I do not currently see any structure that could be used for an entry, other than watching the 15 Minute chart and confirmation of a breakout of structure.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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There is however, a possibility that price action will reverse and form a Bearish Butterfly Harmonic pattern, where a more precise entry setup would be visible, after pinning the Blueberry EMA. Water and Mayo EMAs show current uptrend which would confirm the most probable trend at the present point in time. In terms of TDI, it shows higher than normal probability of bullish trend at this point in time.
In my opinion, it is quite probable that the price action will continue in a bearish trend with completion of a Wave 3.
Caution is highly recommended on entry on this stock, as I do not currently see any structure that could be used for an entry, other than watching the 15 Minute chart and confirmation of a breakout of structure.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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