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BCPT continues impulsive 3rd wave
BCPT -Price continues to confirm a third wave.
Confirmation signs
1 break of Head and shoulders pattern.
2 Break of first wave top
3 increasing volume
4 RSI confirmation
We may be at a pause in the action though. RSI is heading lower on the 1 hour chart, and the 4 hour chart RSI is oversold and probably signaling a short term correction. The Daily RSI continues to be very bullish. Target one has been hit so it is a reasonable trading strategy to pull a portion of your investment out as profit at this point. Target 2 is based onthe length of the 1 wave. Elliot wave suggests that the third wave can never be the shortest wave so a good projection is to project 100% of the 1st wave starting at the bottom of the 2nd wave. Often the third wave is the longest. We will have to see what price does.
1 hour
Confirmation signs
1 break of Head and shoulders pattern.
2 Break of first wave top
3 increasing volume
4 RSI confirmation
We may be at a pause in the action though. RSI is heading lower on the 1 hour chart, and the 4 hour chart RSI is oversold and probably signaling a short term correction. The Daily RSI continues to be very bullish. Target one has been hit so it is a reasonable trading strategy to pull a portion of your investment out as profit at this point. Target 2 is based onthe length of the 1 wave. Elliot wave suggests that the third wave can never be the shortest wave so a good projection is to project 100% of the 1st wave starting at the bottom of the 2nd wave. Often the third wave is the longest. We will have to see what price does.
1 hour
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