$JSEMTN - MTN: 8700 Invalidated, What's The Alternative Outlook?
See link below for previous analysis.
MTN stock had a strong rally from 8700 to 11800 and as per the previous analysis, it turned out to be a dead cat bounce as price has broken below 8700.
I have changed the triangle wave count slightly {previously have wave E of (B) terminating at 14289} which gives a new perspective for the decline from 14299.
The decline from 14299 to the current price can be labelled as a five wave impulse.
There are no signs of a reversal yet so I will not get ahead of myself. I am on the lookout however for a MACD convergence buy signal that could give an early signal of a potential bottom.
I am more interest in upside based on this wave count but i will sit on my hands until I see bullish price action.
MTN stock had a strong rally from 8700 to 11800 and as per the previous analysis, it turned out to be a dead cat bounce as price has broken below 8700.
I have changed the triangle wave count slightly {previously have wave E of (B) terminating at 14289} which gives a new perspective for the decline from 14299.
The decline from 14299 to the current price can be labelled as a five wave impulse.
There are no signs of a reversal yet so I will not get ahead of myself. I am on the lookout however for a MACD convergence buy signal that could give an early signal of a potential bottom.
I am more interest in upside based on this wave count but i will sit on my hands until I see bullish price action.
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