Biontech BNTX Technical Analysis Today - Elliott Wave and Price News, Price Prediction!

[Music] hello and welcome to another stocks update today we want to talk about biontech um biontech is a stock which is now coming into a support area it's not a high quality setup I would say but I know there are a lot of people are interested in biontech the thing is though this chart despite a very very strong uptrend into the 2021 highs yep it's looking like it's coming down in the corrective fashion but the initial move up was okay it was a you could say impulsive looking increase but it was actually not an Impulse so as an elite wave analyst or Trader we're always looking for impulses ideally to the upside but there is no impulse this looks like a wxy structure which moves in messy corrective structures on the to the way down as well yeah so moving up in corrective waves moving down in corrective waves not great but the trend seems to be up still so looking at the bigger picture what I could imagine is happening is that this is a larger a-wave we're now moving down in a larger b-wave and could then rally in a c-wave it doesn't give us the quality you know of a setup though as an Impulse would you know if this was a five wve move to the upside a proper impulse it would be much clearer if we see three waves up three waves down on a lifetime chart long-term chart it could turn into anything you know it could turn into a triangle it could turn into a large ABC and whatever could even turn into a large diagonal eventually we don't know it doesn't matter for short-term trading though um but I would be careful with really long-term investments just purely based on chart analysis on a chart like that because it means that we this is a chart that needs to be mon all the time okay so this is not like um a solid uptrend long term it's a very shaky uptrend not a very strong Foundation but still I think um there is decent potential once this correction is over and most of this correction is probably over um most of it though yeah but not all of it so I think as soon as this is over there is a potential for substantial price increases in wave C to the upside but I think it still has the potential to drop around maybe 30 to 40% before it's doing that so looking at chart analysis at the chart itself so we have this a-wave top in 2021 and price topped at around $470 the move down looks like a correction why is that because this initial move down is a three-wave move as you can see so I've labeled that as an ABC structure which bottomed around the 8th of well it's in March 22 okay so this could be either an ABC structure in the white count um which would then complete an a-wave or it's an ABC structure in the yellow count which is just a different way of looking at it would be the alternative in which it's a wave W which is part of a more complex correction the only difference between the two is that in the wxy structure in the yellow count we might finish the correction a little earlier than in the white count and I will explain why then after this swing low that formed in March 22 at around $121 we've seen a corrective rally into the December highs 22 and it topped here locally at around yeah $189 and that would be either the wave B in the white count or the xwave in the yellow count and now we're coming down so the price is clearly moving down in a local downtrend lower lows lower highs in the white count this here would be an ending diagonal it's clearly not impulsive but we can we can identify an ending diagonal potentially in which the wave 1 was a three-wave move in which the wave two was a three-wave move consequently the wave three would need to be a three-wave move and we have here and I go to the daily chart now let me shift that and we have now in this third wave an a-wave completed you see how this is a three-wave move as well so it can't be impulsive down at all three waves up so it's likely that the C W wave down possibly started and the assumption would be that this is what's unfolding as long as the last swing high is holding so the price stays below $15.30 and next support is $831 and below that $664 and this c-wave I mean if we just look at this c-wave assuming the b-wave is topped Target for the c-wave would be well between yeah $80. 72 and $70.50 possibly can always go a little longer yeah and then as soon as the third wave is finished we should see a fourth wave and the fifth wave I it's possible that in wave C of three we've seen here small one two setup and it's coming down like that it's a bit too early to say that that would be a potential but we have to technically give it space to recover to4 yeah okay $114.7 $114 80 that be high of wave three if it needs to recover a little bit only above that level I would have to change the micro count and yeah we would get a wave three completed 45 the 100% extension level of the initial a-wave down points towards $50 so that would be a key Target actually a key projection for the end of this correction in the alternative scenario it's slightly different because we're dealing with a wxy structure so instead of the a-wave down which bottomed in May last year this would be a um so instead of the wave 1 down this would be an a wve down in the yellow count and the b-wave rally which topped then um in August 23 and we're coming down in the c-wave so it's a slightly different count in which we would say okay this was the wave 1 this was the wave two and we get three four five and then we might not get that last four five pattern okay so is that clear so the wxy structure would finish a little earlier we might not get that last four five pattern um um is it is it a high quality count no is it a high probability count not necessarily but the trend is clearly down it makes sense to count it like that um we haven't reached the target range you know in ideally we we get to $66 40 and Below um yeah and I would need to change my perspective on the micro level if there is a break above that um what was it 100 basically $114 70 level and the break above this swing high from September last year at $126 would require a larger reinterpretation but for now the focus is on lower prices and um yeah and you know what I mean there is if we go to really the micro count micro structure it is absolutely possible that as I said the seawave is unfolding and this here is a one two 3 four five so pretty good reward to risk against this swing high I would say you know um this wave two high even though it could easily Peak above that maybe just sort of restart that wave three of C later but yeah it's um it's uh possible that this seawave is unfolding and obviously within the seawave the third wave okay so that's sort of how I see the chart so that means in summary the price is probably still going to go a little lower uh not finished could still drop down to possibly $66 or $49.95 so $50 basically before a more substantial recovery can begin can I give you targets not really but let's I we can make some projections just assume the bwa finishes around um $50 then we get the next key upside targets and resistances around alltime High territory $470 867 and then 1,800 it doesn't make any sense to focus on these targets yeah we first need to see if the um correction finishes and then there are only mathematical projections and we have to take it level by level have to see if the correction finishes and once we have the first one two setup of wave C we can calculate targets more precisely that's my update about biontech hope you like the update if you did please hit the like button leave a comment comment and subscribe and if you're interested in Daily updates about the S&P 500 as well as regular updates about stocks then feel free to check out these stocks and SNP 500 service you'll find the link in the description thanks a lot for watching [Applause] bye-bye