Setup looks good following a 3 week consolidation phase.
Right now I'm seeing two scenarios.
1) ABCDE correction is complete and we have seen a primary impulse wave.
We see candles closed in the cloud and sideways consolidation. If volume picks up we might see a secondary wave break the downtrend.
2) ABCDE correction is not complete.
The leading kumo has turned red indicating possible resistance at 9100. In this case we might see the final E wave complete to 8k. This would be an area to watch if the trend line failed it might fall to 5k.
If scenario 2 plays it, POWR still falls into a bull flag pattern and would be set up to retest the 13k range.
Maybe scale your buy orders to be safe.
If you like, hit me with a follow for more analysis updates and find the link to my Telegram in my profile. Happy Trading!
Right now I'm seeing two scenarios.
1) ABCDE correction is complete and we have seen a primary impulse wave.
We see candles closed in the cloud and sideways consolidation. If volume picks up we might see a secondary wave break the downtrend.
2) ABCDE correction is not complete.
The leading kumo has turned red indicating possible resistance at 9100. In this case we might see the final E wave complete to 8k. This would be an area to watch if the trend line failed it might fall to 5k.
If scenario 2 plays it, POWR still falls into a bull flag pattern and would be set up to retest the 13k range.
Maybe scale your buy orders to be safe.
If you like, hit me with a follow for more analysis updates and find the link to my Telegram in my profile. Happy Trading!
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Currently near the lower trend line .236 fib. Watching.