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by Seth Parker on July 10th, 2018

Waves Analysis – Target on the 2,4 USD

Last piece of the day will be about the Waves, previously mentioned by us on the 12th of June. We were pretty clear about the situation there, even in the title:

“5 USD bounce, 4 USD breakout, 3,3 USD target”

When we wrote those words, the price was around the 3,84 USD. The target was reached one day later. No surprise here. After that, the price created a flag (orange lines), waited a bit and then broke the 3,3 USD support (actually 3,2 USD, green) with relative ease. Following movements were very technical – 3,2 USD was later used as a resistance and the contact with this line resulted with a further drop.

Waves Chart

Most recently, WAVES broke the short-term line connecting recent higher lows (red). That gives us a new sell signal and opens us a way towards the lows on the 2,4 USD (black). Sentiment is negative and the price should continue to decline.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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