So here we are with
CAKE
, not only did it enter the death zone but it also went "deep into it".
We made lower lows and thus decoupled from the rest of the pack (bitcoin, ethereum, bnb, even solana!) which is correcting, yes, but did not invalidate the - for the time being- end of the bearish trend that begun showing its teeth back in may 2022.
Where do we stand?
In my Eliott analysis,
CAKE
is (or could be) finishing a wave 5 of 5 of C (the greater ABC correction).
I expect the target for a potential reversal to be a 1: 1.618 Fibonacci of this last 12345 wave, namely $1.777
It could even go as far as $1.50 and still rever (look at the October 2020 weak support at that level).
If it happened to fall from such a cliff...Achilles Last Stand would be @ $0.45 cents.
From there... twas´nice to meet you
CAKE
:(
CAKE
, not only did it enter the death zone but it also went "deep into it". We made lower lows and thus decoupled from the rest of the pack (bitcoin, ethereum, bnb, even solana!) which is correcting, yes, but did not invalidate the - for the time being- end of the bearish trend that begun showing its teeth back in may 2022.
Where do we stand?
In my Eliott analysis,
CAKE
is (or could be) finishing a wave 5 of 5 of C (the greater ABC correction). I expect the target for a potential reversal to be a 1: 1.618 Fibonacci of this last 12345 wave, namely $1.777
It could even go as far as $1.50 and still rever (look at the October 2020 weak support at that level).
If it happened to fall from such a cliff...Achilles Last Stand would be @ $0.45 cents.
From there... twas´nice to meet you
CAKE
:( 