You guys are thinking $MAGIC is gonna go down from this point, aren't you??
But I think differently, take a look at 3 boxes in the $MAGIC chart which are representing 3 short-term accumulation zones and look at the yellow line, do you know what does it mean? Exactly, it's Elliott wave.
From Technical view, $MAGIC is now at the end of the impulsive move and gonna switch to corrective move which usually takes place whenever the price has no more force increases and loss momentum. So, it could continue to go sideway a little bit more before execute the next move.
*** But with perspective of a Liquidity trader, I see it will not happen as we think, because there is a huge SHORT liquidity above this price, which is gonna be swept as usual. Nothing really certain, so we NEED TO FOLLOW THE NEXT MOVEMENT when price break this box. If it can break and go up, there will be a higher high. If not, then there will be a bad down.
#MAGIC
But I think differently, take a look at 3 boxes in the $MAGIC chart which are representing 3 short-term accumulation zones and look at the yellow line, do you know what does it mean? Exactly, it's Elliott wave.
From Technical view, $MAGIC is now at the end of the impulsive move and gonna switch to corrective move which usually takes place whenever the price has no more force increases and loss momentum. So, it could continue to go sideway a little bit more before execute the next move.
*** But with perspective of a Liquidity trader, I see it will not happen as we think, because there is a huge SHORT liquidity above this price, which is gonna be swept as usual. Nothing really certain, so we NEED TO FOLLOW THE NEXT MOVEMENT when price break this box. If it can break and go up, there will be a higher high. If not, then there will be a bad down.
#MAGIC