Ferrari Wave Analysis 16 October, 2020

• Ferrari opened with the upward gap

• Likely to rise to 193.75

Ferrari opened today with the sharp upward gap which follows the earlier upward reversal from the upper trendline of the recently broken daily down channel from August.

The price is currently rising inside the primary upward impulse sequence ③ which started earlier from the powerful support level 176.00.

Ferrari is likely to rise further toward the next resistance level 193.75 (top of wave (B) from September). – followed by the round resistance level 200.00.