This is a long and complicated analysis, but I’ve been giving it a lot of thought, and I will walk you through my thinking step by step. There is what I think is a terrific setup here. An “either/or” that both at least initially point in the same direction.
In this tweet, I identified the parallel channel that $PLUG is in and pointed out the risk it faced were it unable to break out of that channel. In the intervening time, the bullish wedge it has formed (with divergence) leads me to believe that it will break out after all, a development which has prompted this deeper analysis.
To avoid confusion, I have used two colors to segregate the bullish and bearish alternatives: green for bullish, red for bearish. In order to then refer to subwaves (since I lack additional colors), I will refer to their degrees, and in this analysis I will be referring only to two: minor (not circled) and minute (circled). I hope this will help you to follow along as I discuss the chart.
Read more “A Deep Dive into $PLUG”
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