CIVIC (CVC): Basin Phase

SUMMARY

Back on March 26, I had analyzed Civic (CVC) using the below chart. There was a clear fractal potential for the rounded price formations (white and blue). Price had also developed a bullish wedge which was also its way of building the left wall. What was not pointed out in this chart was the basin phase.

Price has developed further now to nearly complete the basin phase (white rectangle). Recall that a rounded price formation has three parts, the left wall, basin and the right wall. Until price breaches out of the white rectangle area, the basin phase is still in progress. However, I don't think that will be for too much longer since the impulse waves should soon take the price to higher highs. The MACD also should support such price action.

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