We are look at a potential break out of the symmetrical triangle. If the price breaks out of the triangle, we can reasonably calculate it to enter the 23000 sat area. This is based upon the length of the beginning of the triangle. The volume is declining on this triangle, which is a good sign. However, we need the volume to spike on the breakout in order to confirm an actual breakout to the 23000 area will occur.
The resistance at the 16688 level is strong and has been retested several times, so I doubt it will go below this level. However, I would play safe and place stops at the 16000 area. It is possible that price levels fall towards the downtrend, but by the way that ELF has been acting, I think it wants to go up.
The resistance at the 16688 level is strong and has been retested several times, so I doubt it will go below this level. However, I would play safe and place stops at the 16000 area. It is possible that price levels fall towards the downtrend, but by the way that ELF has been acting, I think it wants to go up.
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If the price does not rebound back above the support line, we can expect Elf to drop to the 16000 level. If the 16000 level drops further, we can expect it to reach the 14080 level (.5 fib). I will wait to see what Elf decides to do since there is high risk.
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