Ecolab (ECL): Beware of the Bear Wick!!
SUMMARY
Here is another scary looking chart. If one stays in this waiting for the final crumbs of profits to fall on his lap....it could end up in tears. The price has pierced the upper line of a rising bearish wedge and often that is not good for the bulls. It's called a bull wick event; a way for the final remaining buyers to do flameout their bullish sentiment.
The retrace is labeled as an ABC as shown in the chart below. While the retrace is about 40%; that's because the correction is still a wave 4 and so can't overlap with the peak of 1.
The MACD could rise a bit more to enhance the bear wick. However, it'll likely decline with the ABC flat sequence. Once wave 4 completes, wave 5 should make some impressive all time new highs.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
--
Well thanks
I always prefer the slow rise from the sudden rise
Always the sudden climb behind the lobby of the users of the Great Whales
The MACD could rise a bit more to enhance the bear wick. However, it'll likely decline with the ABC flat sequence. Once wave 4 completes, wave 5 should make some impressive all time new highs
If it topples down. Its going to be down real long.
In my opinion.
Nows best to sell