$ABNB TOP 20
Added 2024-05-26 16:05:47 +0000 UTC$ABNB dropped below the $145 line this month but we can see that the 200 Day MA has been an effectively support level since dropping below $145 and this sits between the 0.618 - 0.78 Fibs
We have shown over the last 18 months that $ABNB has a strong healthy relationship with the 0.618 Fib and 4 out of 5 times it has bounced strong on this level.
I do not see how this time it could be any different.
A bounce here and a recapture of the $145 level and $ABNB remains in a good position to move higher as shown.
$ABNB is a position I like and will have no issues getting back in if we can get confirmation that the bleeding has stopped and the impulse wave can continue moving higher.
I will alert if I buy back in here again.
Comments
I can't copy and paste my chart from trading view here for some reason, but I am little bit confused on a few things. I drew out where your fib retracements/extensions would be and it seemed a bit of an odd placement to me. It seems more logical to me to start the retracement around that 212 peak down to the same low I believe you have based on the numbers I can see. I am by no means saying you are wrong--I am simply trying to learn. Also this appears to me to be a rising wedge and therefore bearish overall, but I do see the argument for a short term bounce. I think my disconnect here is that I don't understand elliot wave theory (I just joined yesterday). I do see the arguments for the 200 reclaims and bounces as well as the importance of the fibs as you have them drawn. I am a little bit confused by that midline you have drawn as well. Any insights would be appreciated. Just here trying to get better. Loving what I've seen so far.
Matt Scott
2024-05-27 15:29:12 +0000 UTC
