Technical analysis by without_worries about Symbol EGLD: Buy recommendation (7/11/2024)

On the above weekly chart price action has recently corrected 60%. A number of reasons now exist to consider a long position. Including: 1) Trend reversal. Higher highs higher lows print. 2) Past resistance (red arrows) now confirm support. 3) 1 and 2 is also true for RSI 4) The falling wedge. With the confirmation of 1 and 2 a forecast can be made as is measured from within the wedge (blue arrows). A 1700% print from the support confirmation to almost $500. Is it possible price action continues correcting? Sure. Is it probable? No Ww Type: trade Risk: <=6% Timeframe for long: now Return: Read the idea again