FIGS, On the way to 70 USD! Who wants to miss the chance?
FIGS is going to bring us a considerable profit !. How much? lets follow the idea.
FIGS reacted nicely to strong support (34.13 USD) formed by two different types of Fibonacci after an abc form of correction shown on the chart. A considerable up ward move started after the mentioned correction which seems to be the wave 1 of a new 5 leg up going wave. After that, price retraced 61.8 % of the last move. This minor decline maybe the wave 2 of the up going wave cycle. If true, the golden wave 3 move has recently been started. Mentioned up going wave cycle which is itself a wave 3 of a larger cycle Elliott wave can push the price at least up to around 70 USD.
It is worth to note the broken down trend line acted well and nicely as strong support twice which suggests this dynamic support is a strong and valid one.
please note the beautiful bullish reversal in stochastic indicator exactly at the support. Amazing one !
Like always , despite of all these bullish signs we have to trade objectively. So we set our stop loss carefully in the case of opening a long position.
Long trade:
opening price : Current prices
Mid term target: 70
Stop loss : 39
Reward to Risk : around 8 !
Good luck every one and wish you considerable profits.
FIGS reacted nicely to strong support (34.13 USD) formed by two different types of Fibonacci after an abc form of correction shown on the chart. A considerable up ward move started after the mentioned correction which seems to be the wave 1 of a new 5 leg up going wave. After that, price retraced 61.8 % of the last move. This minor decline maybe the wave 2 of the up going wave cycle. If true, the golden wave 3 move has recently been started. Mentioned up going wave cycle which is itself a wave 3 of a larger cycle Elliott wave can push the price at least up to around 70 USD.
It is worth to note the broken down trend line acted well and nicely as strong support twice which suggests this dynamic support is a strong and valid one.
please note the beautiful bullish reversal in stochastic indicator exactly at the support. Amazing one !
Like always , despite of all these bullish signs we have to trade objectively. So we set our stop loss carefully in the case of opening a long position.
Long trade:
opening price : Current prices
Mid term target: 70
Stop loss : 39
Reward to Risk : around 8 !
Good luck every one and wish you considerable profits.
Trade closed: stop reached
Note
We had bullish reaction to 0.786 Retracement Support. Breaking short term down trend line can be a good entry point. I am still positive on the Stock.Note
One more attack to short term down trend line. Lets follow !Note
Never broke short term down trend line. Is it going to loose the last major low? If yes next support is around 33 USD.Order cancelled
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.