From Elliot wave perspective it looks like a zigzag is in process. A can be counted at leading diagonal. Leading diagonal occurs in A of a Zigzag. This time wave 3 in this diagonal was a little bit bigger which usually results in wave 5 being the biggest. B is forming. It could be in 3 waves as ABC or a triangle. 3 waves not visible on weekly line chart based on closing price. But if B finished at .618 of A which is a bit high for a ABC zigzag and am leaning towards a triangle.
So we still expecting a downside if the most likely scenario is to play out. In ABC usually A=C. I have drawn the line there at 1592 level. That will be a good place to go long for an X or even start of an impulse.
Notice the RSI is showing same as price action pretty much. During Triangle formations RSI usually holds the triangle pretty well.
Volume is printing good range. High volume during a drop is indication of possible upside in near future.
I have drawn the angles. If larger trend (a and C) is at higher degree then corrective (b) should be on a lower degree.
I have 5 EMA as a blue line and 20 MA as Orange line. On 26 July we had a bearish crossover followed by Quick sell off.
Please like or comment
So we still expecting a downside if the most likely scenario is to play out. In ABC usually A=C. I have drawn the line there at 1592 level. That will be a good place to go long for an X or even start of an impulse.
Notice the RSI is showing same as price action pretty much. During Triangle formations RSI usually holds the triangle pretty well.
Volume is printing good range. High volume during a drop is indication of possible upside in near future.
I have drawn the angles. If larger trend (a and C) is at higher degree then corrective (b) should be on a lower degree.
I have 5 EMA as a blue line and 20 MA as Orange line. On 26 July we had a bearish crossover followed by Quick sell off.
Please like or comment
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for some reason angle drawn changed !! :(