Amplify Online Retail ETF (US: IBUY) The corrective downtrend is coming to an end as the technicals show strong bullish action. This is also in line with our report dated 20th September 2021:
- The corrective double three-wave ((W)), ((X)), ((Y)) wave has been completed. With the descending channel/bullish flag from the start of February to November in place, the probability of the price breaking to a new high in the long term is high.
- The bullish piercing line candle is seen rebounding from the 161.8% extension level of the sub-corrective wave (A) and (B) wave. Furthermore, 161.8% confluences with the key support zone.
- The RSI is showing an oversold signal, and should it break above the 40 line, it will signify a strong bullish upside.
*Expected timeline of the trade is 15 weeks from the date of report issuance.
CHART LEGEND
Ichimoku Kinko Hyo
Red dotted line = 26 periods Kijun-Sen
Blue dotted line = 9 Periods Tenkan-Sen
Green Line B= 52 periods Senkou Span B
Pink Line A = 26 periods Senkou Span A
Blackline = 26 periods Chikou Span. Lagging line
