29-Feb-2024 : Keeping it Simple with Price Action & Technical...

29-Feb-2024 : Keeping it Simple with Price Action & Technical Analysis.

My Update on PNV..
Analyzing current breakout with Fib retracement and my limited new gained interest in Elliot Waves
The thing with waves is.. once you start seeing them.. you start seeing them everywhere.. and it is hard to "un-see" them..
I own this stock and this is my analysis and may be biased and turn out to be incorrect. DYOR and don't trade without a stop-loss.

Here is PNV monthly chart analysis using Fib and Waves;

• RED wave is the correction ABC wave, that started in Dec'20 making the AB retracement in Mar-Jun'21 and breaking the point A, and heading to a new low in May'22. That has since been the lowest low.
• The stock then moved in GREEN Impulse Wave upwards, and with Fib we can see it went again in bear-trap at exactly 0.5 at around 2.44 in Feb'23 and moved downwards. What's interesting to note is, that this mini-retracement Wave from (C) to (1) was around 200%. !!
• The stock moved down with wave (1)-(2), and stopped making any further low in Oct'23 at point (2).
• As we can see, this is higher than the previous lowest low, hence we can say this "indicates" stock is in a retracement wave now.
• I say "indicate", as we now need a "confirmation" for the forecasted wave (2)-(3) to cross the immediate resistance at 2.44 ( Point (1) ) and close at least around the (B) level or higher followed by a healthy correction towards but between levels of (1) and (2)
• Eyes on the future... at point (3), the price would also have completed a full "W" formation starting from (B) which is a good bullish formation.
• The monthly RSI is rising, and now is almost at the same level as what it was at point (1) around 60 levels. Crossing this will be a very bullish signal to have regained strength and broken out of a long resistance. It will be even higher than the RSI peak ar point (B).

Again, this is all forecast based on current trends and my biased view. Needs to be tracked at the end of each month how it is following.
I have kept normal around 45-degree lines, but if the stock has immense strength ( as we are seeing in 2-3 wave ), then the slope will be much steeper. Happy Trading..