ROCKET LAB The 1W MA50 decides the long-term trend.
The market responded favorably and our Target got methodically hit within its long-term Channel Up.
It is the very same pattern that is now showing signs of a potential invalidation and breaking downwards as it formed Lower Highs last week. The 1W RSI has been under Lower Highs since the November 25 2024 weekly High, which is a huge Bearish Divergence.
What matters now is the 1W MA50 (blue trend-line) which is sitting exactly at the bottom of the Channel Up and has been intact since August 05 2024. As long as it holds, expect a rebound towards the 0.382 Channel Fibonacci at $145.00.
If on the other it breaks and we get confirmation by closing a 1M candle below it, we may see an aggressive correction like the 2022 Bear Cycle (which also started on a Lower Highs top), towards the 1M MA50 (red trend-line). In 2022 it was a -83.45% total decline, now 'just' a -70% correction from the recent All Time High (ATH) could test the 1M MA50 by the end of the year at $30.00.
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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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