LVMH (ticker:MC) starting consolidation, before going 900+ ?
LVMH (MC ticker! EUR based) in multi-decade uptrend, nice upside momentum overall.
Overall I do have one "bearish" scenario, however the probabilites for that are quiet low as of now, so far therefore not tracking.
I would say the two big "bullish" scenario, soon nearing a local top and I would primarly expect a consolidation/correction, before going likely to at least 900+
Overall the white one have would gave us a bigger correction, while the yellow one would give a somewhat smaller correction before going up to finish up the big ABC pattern to finish off yellow wave (3)
So far we are just above the 200day MA, BUT below the 50/52, and also so far the 9day/21 day EMA/SMA rejecting price action. Also from the top I can count 5 waves down, which is suggesting and overall correction likely to continue. This so far also supported by the weekly RSI and volume actions, with growing momentum to the downside.
Therefore I would expect primarly the yellow route (60%) against the white one (40%). This would mean:
near term - bearish
short term - bearish/neutral shifting slightly to bearish
mid term - bullish
long term - overall bullish
Overall I do have one "bearish" scenario, however the probabilites for that are quiet low as of now, so far therefore not tracking.
I would say the two big "bullish" scenario, soon nearing a local top and I would primarly expect a consolidation/correction, before going likely to at least 900+
Overall the white one have would gave us a bigger correction, while the yellow one would give a somewhat smaller correction before going up to finish up the big ABC pattern to finish off yellow wave (3)
So far we are just above the 200day MA, BUT below the 50/52, and also so far the 9day/21 day EMA/SMA rejecting price action. Also from the top I can count 5 waves down, which is suggesting and overall correction likely to continue. This so far also supported by the weekly RSI and volume actions, with growing momentum to the downside.
Therefore I would expect primarly the yellow route (60%) against the white one (40%). This would mean:
near term - bearish
short term - bearish/neutral shifting slightly to bearish
mid term - bullish
long term - overall bullish
Primarly I would expect though the yellow route because of the 5 waves down, also so far on the micro we have only 3 waves up, so the blue-ish to work out would likely need to be a diagonal, and would also mean the wave 4 finished later as an irregular flat (low chances I would say).
With the downtarget there is a very nice confluence as well around the 550-ish levels. My best idea is to go light and scale-in sequentually with the triangle method going more heavy, without hedging/leverage for the blue-box, same for yellow fib box.