Updated Charts and thoughts
So we made it to as low as 3.45 recently just below my wave 3 target of 3.51. As wave 3 went lower, this then pulls down wave 4's target shown by the box on this 1h chart. I also have a divergence showing up on my 1h RSI/Stoch indicator and it also hit resistance today, so I'm now looking for the next leg down to begin.
Im now looking @ 3.43 to 3.23 for my next target for the last wave 5 down. Trouble is, we have now formed an ABC pattern within wave 4, which could open the door to drop below my main Yellow Trend Line you can see on my charts. Ill revisit once the next leg down has finished.
Im watching this one ike a hawke as I believe it has loads of potential and there is a lot of hype over it, hece the volatility.
Updated Charts and thoughts
So we have now seen wbt move down (ish) to my wave 3 target (see the small orange numbers down in the larger C wave). It could still drop further below the yellow incline trend line down to 3.51 - 3.60 on this wave 3 down though I am then expecting a jump up to 3.96 - 4.10 for a wave 4 retrace before heading back down to my wave 5 target of 3.37. Wave 4 as a rule can be rather protracted also before starting for the last wave 5 down. As always this is all determined on a lack of positive news coming out for WBT. In saying that it has certainly gone higher than some of my targets as there is a lot of hype around WBT as can be seen when it does a move up, its usually does so with gusto.
This is how my chart looks now
Further update on WBT charts. While wbt has had some nice 20-30% gains of recent, they havent been highly probable and therefore I haven’t participated in them. I am still seeing negaitive trends with weebit. I now have revised my charts taking into account the most recent price actions and it still points me down. You can see my new target has risen to $3.40 - $3.50. This is especially because we now have a firm wave A and wave B in place. The next wave should be a wave C down (comprising 5 waves) to my target area. In the greater picture we are still in an extended wave IV retrace which is common of wave 4, while still looking for a wave V down to the 1.20 - 2.00 region. Of course this thesis can be broken with substantial good news (invalidating my thoughts).
Quick update. While we have just have had a nice 3 wave structure up recently (which I took no positions in as it was too uncertain for me) breaking out above my consolidation triangle, I believe we will see an imminent reversal down now to my target shown @ around 2.95 so long as it doesn’t break meaningfully above th 4.18 price (recent resistance with top of wave (ii) shown on my charts) . You never know the exact path $ takes but over all the patterns and and targets $ hits tells a lot.
The 3 wave stucture up will now result in 5 waves down to the green taget (approx) with much higher probability. When it gets there I may take a position depending on my indicator etc. Good luck everyone.
Further to @raymon68 comments about possible short positions with JP morgans recent buy in, I thought I would share my techinical analysis with you all
first start on the daily chart
This is the approx path (the white zigzag line down) I believe the price of WBT will take without any further substantially positive news being released over the next 2 ish months. Of coarse nothing is perfect so it may vary in time and or price points reached, however it should provide a good guide. I do a lot of chart analysis and this is based on Fibonacci levels that historically provide levels where the population and therefore automatic trading software and high frequency software looks at (obviously because software is written by humans).
You can see WBT is stuck around the 3.58 or 50 sma at the moment although the circled Stochastic indicator below the charts is showing weakness and the RSI/Stoch indicator below that is pointing back down again. Below those 2 indicators is the momentum indicator which is just going sideways also. So im definitely seeing a drop down to the main Yellow trend line below for the (iii) wave down. You can then follow the waves (iv) & (v) in white down from there. To confirm my bearish opinion we now look at the 9day chart below
You can see on the Stochastic Indicator, I have circled it also as it is pointing down too. I do believe the price will see the purple 200sma at a price of $2, however it may even see as low as 1.25 - 1.65.
My opinion of course is if no meaningful positive news surfaces over the next 2-3 month. You can see the same has happened for Brain Chip (BRN).
So on that note I thought it was interesting that @raymon68 mentioned JP setting up for a possible short position which would obviously align with my opinion. Could you elaborate why you thought this Raymon68 as I dont understand how you came to that opinion. Im thinking it might be because of taking a large position with Options (short) and need to put those options up to be shortable. Am I on the right track?