$1 Party, page-787

Didn't get this one right. The daily EMA ribbon didn't quite cross over and didn't test 2.1c instead double topped at 1.9c and rejected back down to support.

That said we've now got another chance as we reach yet another oversold pattern on the daily and the weekly is even further matured so more chance to turn in our favour now also.



As highlighted in the red circles we are reaching the oversold limit on the stochastics meaning seller exhaustion should happen short term.

Support still at 1.5c with a possible chance to test 1.4c. My view remains the same that it will need to ideally test 2.1c and then retest 1.9c. Either way the blue downtrend becomes invalid after this which is also good.

MACD still red but is much closer to being above zero and ideally like those previous big runs you need to be green and above zero, so any volume and momemtum here could really tee things off.

To the weekly.


Here's why i quite like the setup, it's only the second time since July of 2020 where we have a oversold. So we've essentially got a potential bottom on 2 cycles now. The dark red candles thrown on the MACD histogram bode fairly well but in any cirumcstances want the red to cross back over the yellow. Only see this occuring if we get a test to 2.1c and some support up there.

Might need 2 daily cycles to complete with some strength to get the weekly going but all things considered there's more upside than down here and looks like a decent entry/top up for a long.

Alternatively STT can probably take 1.5/1.6c to flip at 1.9-2.1c. For those that like fibonacci of elliot wave trading that 2.1c is bang on the 61.8% retrace from highs so signals a trade entry if we break above that. Target then becomes 3.1c or a 1.618 extension i.e. 4.1c which would be my personal targets to freecarry my holdings.

We wait and see.

SF2TH