IEV Europe started wave 3 of 3; measured triangle move around 85
IEV retraced half of the distance between 50 & 35. (Resistance & support)
It made a very long hammer in this monthly chart, bounced off cloud, ma100 & & then
crossed over ma50 to stop at ma20 which is also the mid of upchannel. (All in a single candle)
It also came down & retested the BIG TRIANGLE from 2007.
A safer entry is to wait for ma20 cross & hold 50 for a few days, 50 is a very impt pivot line…3x top in the past.
Breakout from 50 will send IEV higher to retest recent highs & the 2007 top.
If March indeed ends with a long hammer, wave 2 of 3 should have bottomed & wave 3 of 3 will begin.
A measured move of the big triangle projects wave 3 ending at around 85, also an impt FIBO level.
Although seasonality says Mar-April are bullish, come May market may encounter big whipsaws. (The ups & downs within wave 3). As the saying goes:”Sell in May & go away”.
This is just a guide for my followers, not trading advice
If you like my analysis, pls hit like & follow, telling me to do more. Thank you.
It made a very long hammer in this monthly chart, bounced off cloud, ma100 & & then
crossed over ma50 to stop at ma20 which is also the mid of upchannel. (All in a single candle)
It also came down & retested the BIG TRIANGLE from 2007.
A safer entry is to wait for ma20 cross & hold 50 for a few days, 50 is a very impt pivot line…3x top in the past.
Breakout from 50 will send IEV higher to retest recent highs & the 2007 top.
If March indeed ends with a long hammer, wave 2 of 3 should have bottomed & wave 3 of 3 will begin.
A measured move of the big triangle projects wave 3 ending at around 85, also an impt FIBO level.
Although seasonality says Mar-April are bullish, come May market may encounter big whipsaws. (The ups & downs within wave 3). As the saying goes:”Sell in May & go away”.
This is just a guide for my followers, not trading advice
If you like my analysis, pls hit like & follow, telling me to do more. Thank you.