As per Peter Brandt's tweet, and this chart, we see a Head and Shoulders formation. The target is $127.
My thoughts:
> One would expect at least 1 other level of consolidation on the way down before hitting the final target, as per the chart
> The 2x HULL moving average along with the Daily RSI chart, gives us an overview with the price movement and corresponding key indicators as to what's next
a) The reversal at the top was noted along with the cross over of the 2x Hull MA.
b) Anything below the 52.21 RSI on the Daily is viewed as a bearish trend and hence if the 2x Hull lines cross over along with the RSI crossing the 52% RSI, will give some sort of extra confirmation to go long
c) Fib. Fan along with noted support and resistance lines will also help identify when to go long.
d) Expecting a bounce around $172 price level for a short
Closeup view on the daily
My thoughts:
> One would expect at least 1 other level of consolidation on the way down before hitting the final target, as per the chart
> The 2x HULL moving average along with the Daily RSI chart, gives us an overview with the price movement and corresponding key indicators as to what's next
a) The reversal at the top was noted along with the cross over of the 2x Hull MA.
b) Anything below the 52.21 RSI on the Daily is viewed as a bearish trend and hence if the 2x Hull lines cross over along with the RSI crossing the 52% RSI, will give some sort of extra confirmation to go long
c) Fib. Fan along with noted support and resistance lines will also help identify when to go long.
d) Expecting a bounce around $172 price level for a short
Closeup view on the daily
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4 HRLY Chart movement
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