GoldCoin/USD (Goldcoin Token) 05/12/18, 7:25 PM EST, by Michael Mansfield.
Hi trader friends, I iope your weekend is a fun or fulfilling one!
With practically all of the volume occuring on the up bars since the late March low, another good sized up move is in the cards onces this corrective wave is complete. Moreover, a with the large bullish volume on the up waves, a big down move is statistically less likely right now. But, we deal in probabilities not certainties, so it's still a possibility if the up move off the February low was was only a large corrective wave. But that certainly looks less likely now. Either way, uncertainty is why we always recommend the use of stop loss orders, not "HODLING" forever, in these digital markets.
CLARITY:
Without candlestick wicks, the price moves and waves look very clear to me: The January to late March decline was corrective. Conversely, the up move since the late March low looks very much like a bullish impulsive wave (uptrend, not up retracement).
CORRECTIVE WAVE:
This current correction is either a triangle, soon to be over, or a zigzag with one more wave lower to the Wave IV label.
BUY CONFIRMATION:
If 0.30 is exceeded on the upside, then the next upwave, Wave V, or Wave 3 of larger degree Wave (3) to the upside, will likely be underway.
CONCLUSION:
Once this short-term corrective Wave IV is complete, hopefully after one more push lower, then a Wave 5 up, or possibly 3 of (3) to the upside is likely.
NEGATED:
Should GoldCoin/USD break below 0.19, then this bullish outlook would be cancelled and GoldCoin/USD would likely fall back to below the March 2018 low.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Hi trader friends, I iope your weekend is a fun or fulfilling one!
With practically all of the volume occuring on the up bars since the late March low, another good sized up move is in the cards onces this corrective wave is complete. Moreover, a with the large bullish volume on the up waves, a big down move is statistically less likely right now. But, we deal in probabilities not certainties, so it's still a possibility if the up move off the February low was was only a large corrective wave. But that certainly looks less likely now. Either way, uncertainty is why we always recommend the use of stop loss orders, not "HODLING" forever, in these digital markets.
CLARITY:
Without candlestick wicks, the price moves and waves look very clear to me: The January to late March decline was corrective. Conversely, the up move since the late March low looks very much like a bullish impulsive wave (uptrend, not up retracement).
CORRECTIVE WAVE:
This current correction is either a triangle, soon to be over, or a zigzag with one more wave lower to the Wave IV label.
BUY CONFIRMATION:
If 0.30 is exceeded on the upside, then the next upwave, Wave V, or Wave 3 of larger degree Wave (3) to the upside, will likely be underway.
CONCLUSION:
Once this short-term corrective Wave IV is complete, hopefully after one more push lower, then a Wave 5 up, or possibly 3 of (3) to the upside is likely.
NEGATED:
Should GoldCoin/USD break below 0.19, then this bullish outlook would be cancelled and GoldCoin/USD would likely fall back to below the March 2018 low.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Trade active:
UPDATE GOLDcoin/USD: So it looks like GoldCoin/USD in creating a triangle, one of the two possible patterns of corrective moves that I mapped out would happen. Now we move into the apex, then very likely, up we go. It's getting close, so have your orders ready for the breakout up.
TRADER TIP: Triangles occur most often in 4th Waves in Elliott Wave terminology, which are the last corrective wave before the 5th and final wave in a bull run, of a given wave degree. Thus, after this triangle breakout, usually up, we will see only one leg up before a more extended correction.
Michael Mansfield CIO
TRADER TIP: Triangles occur most often in 4th Waves in Elliott Wave terminology, which are the last corrective wave before the 5th and final wave in a bull run, of a given wave degree. Thus, after this triangle breakout, usually up, we will see only one leg up before a more extended correction.
Michael Mansfield CIO