Expecting a good bounce from 1.236% fibonacci extention downward
Hello all, I hope you all have a nice day. In my post today, I will present to you about my view on KOPN which listed on NASDAQ . KOPN has lost more than 30% of his value since KOPN announced their earning result of Q2 2018, they reported a loss of $9.2 million on its 2nd quarter. since the news released, I see a lot of fear on the market, I see a lot of panic selling on this stock. but, considering that I am a short term swinger or you can say that I am a day trader, I still expect a little bounce on this stock because I believe that in a downtrend, there will be a retracement to fight back the majority trend.
so, here is my opinion about KOPN, I try to count 5 wave downward and assume that KOPN is likely to form a 3rd wave downward and I believe that the 3rd wave is not finish yet and in my assumption, I will consider the 3rd wave downward will finish its move on the price action area and whenever I see a price action area, I have a lot of faith that it will be a relatively strong support or resistance. besides that, when I combine it with fibonacci extention, I see that 1.236% is located in the price action area too, In my opinion, there will be a strong support in that area considering that the normal 3rd wave is most likely to end around 21.236% fib ext area. and the 2nd consideration is that is a possibility the RSI will form a divergence.
so the conclusion is I will buy KOPN when it moves closely to 1.236% fib extention area and I will wait the divergence on RSI and MACD confirmed.
Thank you all for your attention
so, here is my opinion about KOPN, I try to count 5 wave downward and assume that KOPN is likely to form a 3rd wave downward and I believe that the 3rd wave is not finish yet and in my assumption, I will consider the 3rd wave downward will finish its move on the price action area and whenever I see a price action area, I have a lot of faith that it will be a relatively strong support or resistance. besides that, when I combine it with fibonacci extention, I see that 1.236% is located in the price action area too, In my opinion, there will be a strong support in that area considering that the normal 3rd wave is most likely to end around 21.236% fib ext area. and the 2nd consideration is that is a possibility the RSI will form a divergence.
so the conclusion is I will buy KOPN when it moves closely to 1.236% fib extention area and I will wait the divergence on RSI and MACD confirmed.
Thank you all for your attention