Next few days |
|||
Trend |
Up |
||
Action |
Buy |
||
Trend reversal |
75% |
||
|
|||
Key reversal level |
Below 550 |
|
|
|
The trend is likely to reverse when the trend reversal is 75%. A breach of a key reversal level implies a neutral position.
Target: 630
Best risk/reward trade: Buy in the range 550-570 for a move to 630
Why? All indicators are bullish except RSI (no longer overbought) which means the rally should continue. The final wave of the advance should be accompanied by MACD divergence. High risk of reversal (75%) as rally is ending and sentiment will turn bearish.
Forecast Indicators (daily chart)
Elliott wave |
Bullish |
Sentiment |
Bullish |
MACD |
Bullish |
DMI |
Bullish |
RSI |
Neutral |
M/A crossover |
Bullish |
Comments