If today’s shooting star candle is confirmed tomorrow, then this yellow count gains more structure.
The below 2-day candle closed today as a shooting star candle. If it is confirmed on Thursday, then the bearish stars are beginning to align.
Maybe tomorrow’s 5-day candle will close similarly to the above?
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Previous Write-Ups Below:
Long-term EW count is above, with the expectation that the yellow (5) will be achieved during summer of next year. Last month’s bearish engulfing candle is a good start towards that target ~ $23.
The 10-day candle closed today as a piercing line, and as long as the low of this candle holds at $40.14, then a bullish posture will exist.
The weekly candles suggest this 10-day candle close could be a bull trap, as this time frame recently formed a three black crow formation that is not easily negated.
Today’s 2-day candle closed as a bullish engulfing candle, suggesting higher prices over the next two-day period.
Today’s candle close was a doji – suggesting indecision (and it could be a spinning top – but not likely given the other set of bullish candles).
This instrument could print one or two more doji candles in this region, and if this does occur, then the below set-up will have a great chance at materializing.
This set-up suggest a target ~ $37 by early/mid October. As long as PA doesn’t cross above that yellow line, then this set-up will remain valid.
If one were inclined to take advantage of this set-up, then puts could be a good place to look, with an expiration of 15 Dec 2023 or later.
Trading involves risks, and you are responsible for your own actions. The above is for entertainment purposes only, and does not constitute a recommendation for this instrument or any other alike instruments.