This chart is textbook Elliot Wave. We have currently just finished wave 3 of a larger timeframe which also completed wave (v) of a shorter fractal wave. I am looking at a .38 retracement to complete a wave 4 which will then go on upward to wave 5.
Remember retracement waves such as 2 usually take an a b c... pattern down as seen in the chart for waves 1 to 2. And rememeber that impulse waves usually take an i - v path... as seen in my chart from wave 2 to 3.
So I expect an abc type wave to get us down to 4 and a i-v wave to get us up to 5. Remember money management and stop losses. TA is a probability game and who knows what will happen between now and the end of this trade.
what do you all think,
Peace
Remember retracement waves such as 2 usually take an a b c... pattern down as seen in the chart for waves 1 to 2. And rememeber that impulse waves usually take an i - v path... as seen in my chart from wave 2 to 3.
So I expect an abc type wave to get us down to 4 and a i-v wave to get us up to 5. Remember money management and stop losses. TA is a probability game and who knows what will happen between now and the end of this trade.
what do you all think,
Peace
Comment:
The 7500 sat point where I have my alarm placed seems to be a psychological support point for the market. We are fighting to get below this point and time and time again it is supported. If this 7500 point holds this might be the end of our 4th wave projection. Always safe to add in a laddered way to your positions so you do not miss out completely on the ride up. Hoping it breaks!!!
Comment:
Ladies and Gentlemen we are witnessing a most epic battle of bears and bulls right now! The 7500 psychological support line just broke! and the bar just touched the top of our buy zone. I have my buys laddered throughout the zone because it can at this point turn around and head to 5. I got way too excited when that line broke. Charting is now officially a competitive sport in my book lol
Comment:
There is a 40,000 EMC2, or 6 BTC, buy wall on Bittrex's orderbook at 7700 sat currently pushing the price of EMC2 up. That is crazy! The order book is filled with ridiculous orders like that.
It is also important to note that BTC and EMC2 do move inversely seeing they are paired. I do have a BTC trade going as well if you all wanted to check it out. I am thinking once that trade reaches the top of its wave 5 EMC2 will be fully in our buy zone. Do continue to note if BTC were to drop EMC2 may continue upward. It has already touched the top of our wave 4 zone. Meaning wave 4 could be completed. I am holding out a bit but keep an eye on it and watch out for break ups that do not correspond with a drop in BTC.
It is also important to note that BTC and EMC2 do move inversely seeing they are paired. I do have a BTC trade going as well if you all wanted to check it out. I am thinking once that trade reaches the top of its wave 5 EMC2 will be fully in our buy zone. Do continue to note if BTC were to drop EMC2 may continue upward. It has already touched the top of our wave 4 zone. Meaning wave 4 could be completed. I am holding out a bit but keep an eye on it and watch out for break ups that do not correspond with a drop in BTC.
Trade active:
I believe the touch of my blue buy zone may have been the end of our wave 4 retracement. I also think we are about to have our fractal wave (3) which is usually the longest Elliot Wave. And note I am not a financial adviser. Make your own decision if you are to take this trade or not. I share my trades to get your inputs. So let me know what you all think and Keep your stop losses tight.
Trade active:
Finally a possible breakout
Trade active:
So many fake breakouts. Looking for something strong today that will take us to the 8500 sat level and beyond.
Comment:
Doodle of a possible pattern I have noticed. Wish I saw it earlier so I could have scalped the waves while we wait for a true breakout
Comment:
She broke down. Wedges are continuation trands so it seems it continued the down trend we were in...I am still bullish on EMC2. It just bounced off of the top of our blue add zone once again. Might enter. Just allot of factors at play especially seeing the hard fork update and coin burn is about 5 days away.
Are you all still bullish?
Are you all still bullish?
Comment:
Nice break upward. 10k sat is a psychological resistance point. Almost tested it
Trade closed: target reached:
I missed a chance to buy back in which I wanted after it retraced from our point because I was sleeping smh Can't sleep in crypto folks. but we got out gains
Trade closed: target reached:
That was a good trade! I see some people in chat considering getting in but that last candle shows why I warned against it. She is done for now. The 1H, 4H, and 1D RSI are overbought. She over extended to reach the 2.6 levels anyway. Might come back down to 1300 to around our sell range. Taking profit feels much better than having missed profits on paper or loss. On to the next!
