Price is been consolidating between $9.00 and $10.00 since the 5 wave motive structure that took the price up from $5.43 to $10.83. In the hourly chart I see a MACD divergence against the down trend. So the next up trend should take the price between $14.18 to 17.53.
If I didn’t see the MCD divergence, I would expect the price to drop to 50% retracement to $8.13. As I see a support at $9.00. I think by next week or 2 it should make a motive wave up.
Alternatively, wave “b” may have not completed. As wave “a” is 3 waves down, wave “b” could make a 3 wave up to $10.84, and wave “c” may come down to $9.00 in few weeks’ time.
In either case, in a matter of time we should see a big 3rd wave going up from $9.00 to a minimum of $14.18.
Would go bullish at current price if $9.14 or below.
Stop loss at $8.75.
My price target is either $10.84 or $14.18 depending on the structure of the next wave up.
If I didn’t see the MCD divergence, I would expect the price to drop to 50% retracement to $8.13. As I see a support at $9.00. I think by next week or 2 it should make a motive wave up.
Alternatively, wave “b” may have not completed. As wave “a” is 3 waves down, wave “b” could make a 3 wave up to $10.84, and wave “c” may come down to $9.00 in few weeks’ time.
In either case, in a matter of time we should see a big 3rd wave going up from $9.00 to a minimum of $14.18.
Would go bullish at current price if $9.14 or below.
Stop loss at $8.75.
My price target is either $10.84 or $14.18 depending on the structure of the next wave up.