Avanti Feeds - Did we top in the Triangle at 599 Highs. Careful!Disclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers: Can you hear them?
Initial Rise (2010-2017):
The stock had a significant rise from a price of 1.40 in June 2010 to a peak of 940 in 2017, marking a seven-year bullish impulse phase.
Sideways Correction (Post-2017):
After reaching its peak, the stock entered a complex sideways correction phase, identified as a WXY pattern. This suggests a period of consolidation and uncertainty.
Recent Developments (Wave-X as a Triangle):
The Wave-X within this correction unfolded as a triangle pattern and topped at 598.50, indicating a temporary peak within this corrective phase.
Resistance Levels:
Key resistance levels are identified at 598.50 and 770. The stock's performance below these levels could indicate bearish pressure.
Support Levels and Potential Drop:
If the stock remains below the resistance zone (598.50 & 770), it could drop to a key support level at 386. A breach below this could lead to a critical support level at 321 (Wave-D). If these supports are broken, the stock might target the 160-175 zone, completing the corrective phase that started after the 2017 high. This correction could be just first set of correction & to be reviewed later as we get more price information.
Ichimoku Cloud Indicator:
The price getting rejected close to Ichimoku Cloud & breaching key support levels while under resistance could be an early warning sign for a potential drop to the 160-175 support zone.
Target Zone 160-175:
The target zone of 160-175 for Avantifeeds is significant because it's where Wave-Y is expected to travel 61.8% of the distance of Wave-W as one of the measurements, commonly used under Elliott Wave analysis.
In summary, the Elliott Wave analysis indicates that Avantifeeds is currently in a complex corrective phase following a significant bullish run for 7 years from 2010 to 2017. Key resistance and support levels have been identified, with potential downside targets if these levels are breached. The Ichimoku Cloud provides additional confirmation of these bearish signals. Investors and traders should closely monitor these levels for potential trading opportunities or to adjust their positions accordingly.
From
WaveTalks
Market Whispers!
