Setup looks good following a 3 week consolidation phase.
Right now I'm seeing two scenarios.
1) ABCDE correction is complete and we have seen a primary impulse wave.
We see candles closed in the cloud and sideways consolidation. If volume picks up we might see a secondary wave break the downtrend.
2) ABCDE correction is not complete.
The leading kumo has turned red indicating possible resistance at 9100. In this case we might see the final E wave complete to 8k. This would be an area to watch if the trend line failed it might fall to 5k.
If scenario 2 plays it, POWR still falls into a bull flag pattern and would be set up to retest the 13k range.
Maybe scale your buy orders to be safe.
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Right now I'm seeing two scenarios.
1) ABCDE correction is complete and we have seen a primary impulse wave.
We see candles closed in the cloud and sideways consolidation. If volume picks up we might see a secondary wave break the downtrend.
2) ABCDE correction is not complete.
The leading kumo has turned red indicating possible resistance at 9100. In this case we might see the final E wave complete to 8k. This would be an area to watch if the trend line failed it might fall to 5k.
If scenario 2 plays it, POWR still falls into a bull flag pattern and would be set up to retest the 13k range.
Maybe scale your buy orders to be safe.
If you like, hit me with a follow for more analysis updates and find the link to my Telegram in my profile. Happy Trading!
Commentaire:
Currently near the lower trend line .236 fib. Watching.