Hey,
Just want to share my idea on whats happening with INJ on the daily chart.
So at the start we can see a clear 1-5 Elliot wave hitting the 2.618 projection where 5th makes a Bearish double top Pattern.
whats next ? ---> ABC....
Right now the price action is after doing a Breakout (Not shown in this chart but if you draw a trendline from 2-4 you will see a 3...
Not sure of my previous OP 3D Short idea as I just realised that wave 3(B) is not coming out of the base channel so it could be invalid or just an ugly Elliot wave.
Wave 4 respected the 0.382 Fib level so im 50/50 in the short idea.
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Im seeing a 3 touch breakout to the upper side confirmed by RSI & EMA Oscilators.
For extra confirmation I can also see that it...
3 Touch breakout confirmed by RSI divergence including 55 SMMA & 8EMA crossing to the downside. expecting a 17% drop down to the Demand Zone
Lets see !
Price action: Bearish downtrend + 3rd Touch breakout
RSI : 55 SMMA + 8 EMA Crossing to the downside at the breakout point.
MAGNETIC 50 EMA : 3rd touch breakout.
Expecting a 15-20% drop right now.
OP 3D Short Idea - Im seeing a 4-5 & A-B wave right here ⬇️ , heading down to low of 3 for a safe take profit and maybe 2.618 at 0.4937. and then UP for a new ABC new cycle.! Three months of shorting OP head 😎
