Over the last couple of weeks I've made several bullish QNT analyses, which all started by the discovery of an inverted Head & Shoulders pattern.
Since the QNT top around $225 around two weeks ago, we've been trading bearish. In my view, the market just needs to give the RSI some rest after it hitting severely overbought levels around 85 points.
I'm expecting the higher-low (4) to be between now and $130, which is the previous top (1). A move below $130 would invalidate this Elliot Waves analysis.
Determining where the 5th leg will top is difficult. For now I'm eyeballing the area between $250 - $300. Keep in mind that we've got a FOMC meeting tonight, so volatility is expected.
Since the QNT top around $225 around two weeks ago, we've been trading bearish. In my view, the market just needs to give the RSI some rest after it hitting severely overbought levels around 85 points.
I'm expecting the higher-low (4) to be between now and $130, which is the previous top (1). A move below $130 would invalidate this Elliot Waves analysis.
Determining where the 5th leg will top is difficult. For now I'm eyeballing the area between $250 - $300. Keep in mind that we've got a FOMC meeting tonight, so volatility is expected.
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