3 day Time Frame (TF) shows that we have completed the A and B and are in the process of laying out C leg. The Phoenix Indicator is showing similar pattern compared to 2018. The Phoenix is great for trend change, managing the trade and also following Elliot wave so when I say similar pattern this is the pattern for most ABC corrections. I have identified what I believe are key support zones and some will be test during this correction. I feel 3.80 for me would indicate very bullish if held but 3.30 is important since it demonstrated strong location of buyers. This is the difference in price action that was not present in 2018, people willing to by the dips and I do not see that stopping unless something unfortunate happens. Will have a better idea once the C leg nears completion if bearish trend will continue.
Weekly TF - Probably know by the end of this week if the trend is going to reverse or is downward pressure going to continue.
Weekly TF - Once the Green line crosses the red line that is heading down indicates increased bearish pressure.
Weekly TF - Probably know by the end of this week if the trend is going to reverse or is downward pressure going to continue.
Comment:
Good day, the 100 EMA held on the daily time frame. I feel comfortable with what I see in the image below to say that the fourth wave of the C leg has started. Note the 365 EMA (white Line) on the 3 hour time frame(the chart right of center) has been the main support for this bull run. Since the bull run is not even close to being done and with all the solid fundamentals backing Hive, I would expect it to hold. It is okay for price action to dip below it but not by a lot and it can even consolidate. However, This is not lost on BIG Brother, who is controlling the price action and they do not play fair, could push it all the way down to 2.60ish area. Will update if anything crazy happens or at end of week
Comment:
Comparison of the top mining companies price action since the beginning of 2021.