GLXY...continued consolidation or new bull underway

29 mar 2022

GLXY has been correcting/consolidating during the last year but is starting to show signs of a potential new bull leg. The upmove from 2020 to 2021 was impulsive in nature (white) and has been correcting/consolidating (purple) forming a slightly downward channel (blue). Price has recently broke above the 55wk EMA (yellow) and needs to stay above there and break the upper channel (low 40s) in order to confirm that a new leg has started, but the structure looks complete and ready. Small long positions with a stop below the 55wk EMA are worth exploring in the short term for a run to the low 40s.