AVAX analysis - Elliott Wave Perspective
After an impulsive uptrend, Avax seems to be losing momentum and consolidating. Now that it has reached its highest points, it may be time for a wave of downward movement.
According to the Elliott Wave perspective, AVAX is currently in the final wave of an impulse wave. This means that we will soon see a correction, but there will still be one last upward move. I am personally taking a short position between $28.00 and $28.50 for the following reasons:
- 1 to 1 extension of wave 1
- 1.618 extension (expanded flat)
- Bearish divergence (RSI)
- Correlation Main count BTCUSD (Related ideas)
It is important to note that the Elliott Wave perspective is based on historical price movements and patterns, and future price action can never be predicted with absolute certainty. Markets can be volatile and unpredictable, so it is always wise to trade cautiously and manage your risks.
Remember, financial markets are inherently volatile, and investing is always a personal choice. It is crucial to conduct thorough research, carefully assess your risk tolerance, and form your own judgment before making any trading decisions.
After an impulsive uptrend, Avax seems to be losing momentum and consolidating. Now that it has reached its highest points, it may be time for a wave of downward movement.
According to the Elliott Wave perspective, AVAX is currently in the final wave of an impulse wave. This means that we will soon see a correction, but there will still be one last upward move. I am personally taking a short position between $28.00 and $28.50 for the following reasons:
- 1 to 1 extension of wave 1
- 1.618 extension (expanded flat)
- Bearish divergence (RSI)
- Correlation Main count BTCUSD (Related ideas)
It is important to note that the Elliott Wave perspective is based on historical price movements and patterns, and future price action can never be predicted with absolute certainty. Markets can be volatile and unpredictable, so it is always wise to trade cautiously and manage your risks.
Remember, financial markets are inherently volatile, and investing is always a personal choice. It is crucial to conduct thorough research, carefully assess your risk tolerance, and form your own judgment before making any trading decisions.
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