ONDS: Huge Ascending-Wedge-Formation, Confirmation Zones!
welcome to my new analysis about ONDS. I am analyzing the stock from the 2-day timeframe perspective. In recent times I have spotted major bearish signs, which should not be underestimated. Especially the initial bearish pullbacks towards the downside show crucial implications that determine a highly bearish development. Right now, I have spotted the underlying factors that we should consider when considering this dynamic.
Looking at my chart, we can watch there how ONDS bounced within the 65-MA marked in red. From here on, ONDS is continuing to form the next major formation within this whole structure. This ascending wedge formation is a classical bearish reversal formation. Such a formation shows the reversal into the bearish trend direction. Right now, the waves A to D have already been formed, and the wave E is likely to complete the wave count of the formation next.
Once the whole wave count has been completed and ONDS pulls back from the upper boundary to break down the lower boundary, this is going to form the final confirmational breakout setup as marked in my chart. Once this has been activated, the initial bearish target zone, as marked in my chart, will set up the next -50% drop towards the downside. If the bearish momentum should sustain, further bearish targets as marked in my chart will be likely to be reached.
In this manner, thank you a lot for watching!
What do you think about the stock right now?
Let us know in the comments!
VP
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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