$SOXL Irrational Exuberance
SOXL is overbought on all time frames.
Bearish Case:
Coming to the end of the Long term, Medium term, and Short term elliot waves that I've drawn. (We may see a 9 wave on the short term instead of the traditional 5 waves).
At 227.6% Fib Resistance level.
Created a new unsustainable uptrend recently.
RSI divergence
Touching the top of new uptrend channel.
RSI has only reached 82 on the weekly 2 other instances, with a maximum of 84.
The video I have here outlines each of these situations
https://www.youtube.com/watch?v=ReFoPtGTGFE&t=66s
Conclusion:
Short term bearish
Medium term Neutral
Long term Bullish
Bearish Case:
Coming to the end of the Long term, Medium term, and Short term elliot waves that I've drawn. (We may see a 9 wave on the short term instead of the traditional 5 waves).
At 227.6% Fib Resistance level.
Created a new unsustainable uptrend recently.
RSI divergence
Touching the top of new uptrend channel.
RSI has only reached 82 on the weekly 2 other instances, with a maximum of 84.
The video I have here outlines each of these situations
https://www.youtube.com/watch?v=ReFoPtGTGFE&t=66s
Conclusion:
Short term bearish
Medium term Neutral
Long term Bullish