Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
We're currently sitting on the big green support line, if we lose this we have another support around $3(unlikely)
We have already dropped by 88%
Going down to the bottom green line would be about a 94% drop from ATH
$6 to $3 is 50% drop.
We have a small unlikely chance for another 50% drop with a possible gains of 972%
Risk Reward ratio: 16 for current price @ $6.9
The more you can get at any price lower than current, your RR ratio is even higher.
We're currently sitting on the big green support line, if we lose this we have another support around $3(unlikely)
We have already dropped by 88%
Going down to the bottom green line would be about a 94% drop from ATH
$6 to $3 is 50% drop.
We have a small unlikely chance for another 50% drop with a possible gains of 972%
Risk Reward ratio: 16 for current price @ $6.9
The more you can get at any price lower than current, your RR ratio is even higher.
Trade active:
Update: Support and resistance lines added
If our impulse wave have started we will be following this blue subwave.
If not, expect another leg down.
A break above the blue resistance line will confirm the wave trend above.