BYND...Wave "c" of a flat down or all of the correction?
Hello Traders,
at the 2-day-chart you will observe the bullishness of BYND as of the past days.
The stock advanced to 135.25 and reversed after, may have finished a wave „3“ at the top. The behavior since is best to interpret as a „flat, as long the high @ 135 is valid.
This implies a decline to or around the area of the low @ 107.25-107.08 in the coming hours and days. After such an occurrence, the next move should be up to new highs above the 135 area to complete an advance, meaning a „five-up“!
At the hourly chart, you will observe a more clear structure in terms of price.
If a flat is underway a common target area ranges from 114.54-108.18, the first level a 0.382 Fibonacci, the latter one the 0.5 Fibonacci of the advance from 81.23-135.14!
The 0.5 Fibonacci would achieve into the price territory of a wave „4“ of one lesser degree.
But a look at the 15 min chart shows, that a „hammer-candle“ took place @ 119.02 and this candle implies advancing price to come. If the decline from 134.66 to the low @ 119.02 (hammer-candle) was all of it, the next move is to the upside. This is the alternate interpretation!
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
at the 2-day-chart you will observe the bullishness of BYND as of the past days.
The stock advanced to 135.25 and reversed after, may have finished a wave „3“ at the top. The behavior since is best to interpret as a „flat, as long the high @ 135 is valid.
This implies a decline to or around the area of the low @ 107.25-107.08 in the coming hours and days. After such an occurrence, the next move should be up to new highs above the 135 area to complete an advance, meaning a „five-up“!
If a flat is underway a common target area ranges from 114.54-108.18, the first level a 0.382 Fibonacci, the latter one the 0.5 Fibonacci of the advance from 81.23-135.14!
The 0.5 Fibonacci would achieve into the price territory of a wave „4“ of one lesser degree.
But a look at the 15 min chart shows, that a „hammer-candle“ took place @ 119.02 and this candle implies advancing price to come. If the decline from 134.66 to the low @ 119.02 (hammer-candle) was all of it, the next move is to the upside. This is the alternate interpretation!
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!