Ordi is showing a strong bearish divergence, failing to break its recent highs. Each attempt to retest these highs is met with strong selling pressure. My SL is set just above these highs and my first TP target is at the 0.618 Fibonacci retracement level. My final TP is aiming for a longer-term trade where I anticipate Ordi to eventually retest its previous resistance level, which could then become a support level in the future. Meanwhile, my strategy is to short Ordi, taking advantage of the bearish momentum and letting the late buyers fill my shorts.
This chart based off of The Elliot Wave Theory, Fibonacci, EMA’s, MacD, RSI, Momentum, and resistance/support zones combined with patterns.
This chart based off of The Elliot Wave Theory, Fibonacci, EMA’s, MacD, RSI, Momentum, and resistance/support zones combined with patterns.
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Still active. False breakouts are the ultimate top signal