Following the previous idea on Wings, it has reached the upside target at $2.3, although there was no clean bounce and price spiked higher, testing $2.66 mark. The resistance at $2.3 is strong but in order for Wings to reverse, it should provide a clean bounce of that resistance first.
The support at 161.8% Fibonacci retracement, that is $1.42, is being rejected and if it holds we are likely to see the next wave up very soon. The first target is obviously $2.3, but if broken next target would be at $3.4, that is inline with two Fibonacci retracement levels. In the worst case scenario, at this point. price could return back to the 200 Moving Average or even back to the downtrend trendline, but in any case, the uptrend is likely to resume at some point, going to the new all-time high.
Kommentar
⋅
Price went back to 200 Moving Average which is a strong support, uptrend still expected