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Citigroup Surges in its Third Wave


Citigroup (NYSE:C) soared on Tuesday trading session over 10%, climbing to $48.6 per share. The global stock market looks optimistic, supported by the expectations of a coronavirus vaccine.

The Elliott wave perspective unveiled in its hourly chart shows the progress in an upward structure that could correspond to a wave ((iii)) or ((c)) of Minute degree labeled in black.

In the previous chart, the big-picture reveals the sideways mid-term structure produced after an aggressive sell-off, which ended on March 18th when the price found fresh buyers at $32.01 per share. In the first upward movement, we distinguish an Elliott wave formation that looks like a leading diagonal. We could identify this first move as ((i)) or ((a)) of Minute degree in black.

The first upward movement subdivided into five overlapped waves, found resistance at $50.64 per share on April 29th, where the financial company started to decline running in its wave ((ii)) or (b)) in black. This decline developed in three internal segments of the Minuette degree labeled in blue and found support in the zone of the previous swing low corresponding to wave ((iv)) of the previous upward sequence at $38.77 per share.

Once the price action soared above the descending trendline that connects the origin of wave (a) with the end of wave (b) in blue, Citigroup activated a bullish wave corresponding to wave ((iii)) or ((c)) in black.

The intraday picture revealed by Citigroup shows an ascending channel in brown, which after the Tuesday 26th opening gap, reveals the progress in a wave (iii) of the Minuette degree labeled in blue.

In this context, within the bullish breakout observed in the RSI oscillator, we expect further upsides in the coming trading sessions. The next resistance that presents the price action locates at the top of wave ((i)) or ((a)) in black at $50.64 per share. Likely, Citigroup will test this zone and could extend its gains probably until the unfilled gap zone near to the region between $55.60 and $60.24 per share.

In conclusion, in the short-term, our preferred positioning remains in the long-side until the wave ((iii)) or ((c)) completion.

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Source: https://www.cryptorocket.com/news/citigroup-surges-in-its-third-wave/
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