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Tuesday, May 30, 2023

WOO – Is it time we get bearish?

WOO Network has been quite bullish over the last period of time. Checking the monthly time frame first, gives an idea that bullish momentum is in control as for the past 2 months market has been creating bullish candlesticks. Moving to the weekly, much clearer consolidations and impulsive moves can be observed. As market after first impulsive leg started to do some sort of correction and once it reached almost 50% of the move, a new momentum to the upside was seen. This can be considered as a pole flag pattern. Moving to the daily, much confluences can be scene which at the moment can divert the higher time frame directional bias.

The descending triangle on the weekly is much clearer on daily time frame which seems to have been broken to the upside.

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Moving to the recent price action and what to expect in few days. Price has been ranging in between $0.30441 to $1.39841 but within that a nice level of $1.12126 can’t be ignored as that was a good resistance zone for retail traders.

Price recently on 10th of October touched it and rejected quite much for 2 days inducing sellers. Now with this cookie, much amount of traders might have considered this as a double top and would have been expecting a short from here, but as being with smart money concepts, this is merely a stop hunt of previous equal highs AKA turtle soup pattern which indicates that once it grabs liquidity, from a desired point, it would fall.

Now as it can be seen that just before this break of resistance, market was in a consolidation phase, now as being said, an AMD pattern can be expected to be unfold. Now if these weren’t enough, a harmonic pattern i.e. ABCD pattern can be observed in confluence with 4th move of Elliot wave. This gives much further confluence of the short position at the moment. Now even with all of these confirmations, its probable that market will fall down but question is where would be a desired place? well, as shown in the graph that market is just below a rejection area where in past market reacted several times, so from its equilibrium a short position would be favorable.

Current Price Movement

At the time of writing WOO is being traded at the price of $1.137 with an increase of almost 9% in the past 24 hours. The price is closing to its ATH.

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