GOOGL | Wave Projection | A-wave Correction Bullish Divergence
Price action and chart pattern trading setup:
> A possible A-wave correction zone at 0.618 fib retracement from previous 5-wave uptrend as well as the head & shoulders target with a bullish divergence RSI indicator in weekly timeframe which is showing a strong reversal signal.
> In daily timeframe, the price breakout SMA20 with a small double bottom pattern and MACD golden cross signal line just below zero and now consolidating at upper key level resistance.
> If breakout, the upside is opened to a possible B-wave ABC uptrend with a target 0.5 - 0.618 retracement between +20 - 25% with its double bottom downside -7%, estimated risk reward ratio at 2.5:1
Good Luck
Always trade with affordable risk and respect your stoploss, nothing is 100%.
> A possible A-wave correction zone at 0.618 fib retracement from previous 5-wave uptrend as well as the head & shoulders target with a bullish divergence RSI indicator in weekly timeframe which is showing a strong reversal signal.
> In daily timeframe, the price breakout SMA20 with a small double bottom pattern and MACD golden cross signal line just below zero and now consolidating at upper key level resistance.
> If breakout, the upside is opened to a possible B-wave ABC uptrend with a target 0.5 - 0.618 retracement between +20 - 25% with its double bottom downside -7%, estimated risk reward ratio at 2.5:1
Good Luck
Always trade with affordable risk and respect your stoploss, nothing is 100%.