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The Long Investor - $MELI
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$MELI is also under pressure following the Brazil election result, with the price down 8% in the PM to $1,660 and below the 200 WMA.
Before this move the price was getting squeezed between the two WMAs, which was encouraging price action... the election driven sell off has now pushed it below that support and into our Buy Zone.
We’re watching the 0.78 Fib at $1,618, which aligns with the larger 0.5 Fib.
Confirmed support here would form a very nice Wave 2 and offer a low risk entry.
For now, we need to see support hold and buyers step in.... in my opinion this sell off looks like an overreaction, but support is not confirmed yet.
Good companies below the 200 WMA is what we always look for.
$MELI is also under pressure following the Brazil election result, with the price down 8% in the PM to $1,660 and below the 200 WMA.
Before this move the price was getting squeezed between the two WMAs, which was encouraging price action... the election driven sell off has now pushed it below that support and into our Buy Zone.
We’re watching the 0.78 Fib at $1,618, which aligns with the larger 0.5 Fib.
Confirmed support here would form a very nice Wave 2 and offer a low risk entry.
For now, we need to see support hold and buyers step in.... in my opinion this sell off looks like an overreaction, but support is not confirmed yet.
Good companies below the 200 WMA is what we always look for.
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