CAVA initiating the 5th wave?

4 giorni fa

Hi there! It is my first post, so be kind :)

CAVA seems to be on the verge of the fifth Elliott wave:

1. After a downward trajectory since mid-November, price bounced nicely off a support line, which also corresponds with the 0.618 Fib level of the third wave.
2. Price might also be respecting a potential weekly trendline.
3. WaveTrend positive crossover, indicating a possible reversal of the downward trend since November.
4. RSI and Stochastic emerging from the oversold territory, confirming the possible reversal of the downward trend since November.
5. Price action finds itself in a possible falling wedge, which should be bullish.

Target: at least the 3rd wave level.
Stop loss: just under the support line.

Any comments or suggestions?

Thanks!