STXUSD: One more green week and then correction.

٨ يناير

This is a direct update to our initial long signal on Stacks (see chart at the bottom), which is so far going according to plan. It just turned overbought on the 1D timeframe (RSI = 72.109) but it is the 1W that is of more concern, which is extremely overbought (RSI = 87.916, MACD = 0.253, ADX = 61.042) and this is why we are doing today's analysis on the 1W timeframe.

Our TP = 2.5000 remains but after that we expect a strong correction as not only is the 1W RSI the most overbought in history, but we are about to experience the first ever 1W Golden Cross, which would be a good opportunity for the market to take profits. The downside target is the 0.618 Fibonacci level (TP = 1.20000).

See how our prior idea has worked:

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