OMGBTC had a pump yesterday that looks like an impulse wave after a good week of correcting.
Performing a count on this chart was actually pretty difficult, as the 3 waves in recent history (wave 3-1 I'll call it) definitely looked like a complete impulse wave, but it's timeframe was really short compared to it's December predecessor, and the retracement wasn't as savage as I'd expect for a full 3 wave structure. So this is my best guess as to what's going on right now.
Evidence for - timeframe of 3-1 is similar to wave 1-1 (about 1.6 times the length), retracement period is similar to wave 1-2 (almost 1-1)
Recent 3 waves only hit the 0.768 extension of wave 1, which would be surprising for a wave 3 that was complete. Usually they would land between 1 to 1.618 or higher.
The 1.618 extension line of wave 1 lines up with the 1.618 extension line of wave 3-1, which suggests a possible landing spot for wave 3-5.
So this is my current count for OMG. With the recent impulse, I think we're setting up for a wave 3-3 coming soon. On my preferred count, wave 3-3 landing zone will be around 0.00282 - 0.003.
Now it is ALSO possible that we have seen a complete wave 3, in which case this may retrace further, as this recent rally was a B Wave. A drop below 0.0018 should confirm this. (Hence a possible 3-C outcome)
If that's the case, the wave 5 landing zone will likely be truncated, and the price wouldn't rise much above 0.0022. (But it will fall first - maybe to as low as 0.0016)
It's also possible this was a complete wave 3, and we're now heading into wave 5. This possibility comes from the wave 3 retracement only being 0.382 compared to wave 1s 0.782.
If that's the case, wave 5 landing zone will be around 0.0025 or so. (another truncated 5th wave)
Considering the uncertainty, any buy ins now should have pretty tight stops. Or you could set an alert to tell you that it's going above 0.002 and make your decision which way it's going from there.
Either way, this coin should move some time today - not 100% which way or how hard though.
Good luck!
Performing a count on this chart was actually pretty difficult, as the 3 waves in recent history (wave 3-1 I'll call it) definitely looked like a complete impulse wave, but it's timeframe was really short compared to it's December predecessor, and the retracement wasn't as savage as I'd expect for a full 3 wave structure. So this is my best guess as to what's going on right now.
Evidence for - timeframe of 3-1 is similar to wave 1-1 (about 1.6 times the length), retracement period is similar to wave 1-2 (almost 1-1)
Recent 3 waves only hit the 0.768 extension of wave 1, which would be surprising for a wave 3 that was complete. Usually they would land between 1 to 1.618 or higher.
The 1.618 extension line of wave 1 lines up with the 1.618 extension line of wave 3-1, which suggests a possible landing spot for wave 3-5.
So this is my current count for OMG. With the recent impulse, I think we're setting up for a wave 3-3 coming soon. On my preferred count, wave 3-3 landing zone will be around 0.00282 - 0.003.
Now it is ALSO possible that we have seen a complete wave 3, in which case this may retrace further, as this recent rally was a B Wave. A drop below 0.0018 should confirm this. (Hence a possible 3-C outcome)
If that's the case, the wave 5 landing zone will likely be truncated, and the price wouldn't rise much above 0.0022. (But it will fall first - maybe to as low as 0.0016)
It's also possible this was a complete wave 3, and we're now heading into wave 5. This possibility comes from the wave 3 retracement only being 0.382 compared to wave 1s 0.782.
If that's the case, wave 5 landing zone will be around 0.0025 or so. (another truncated 5th wave)
Considering the uncertainty, any buy ins now should have pretty tight stops. Or you could set an alert to tell you that it's going above 0.002 and make your decision which way it's going from there.
Either way, this coin should move some time today - not 100% which way or how hard though.
Good luck!
Comment:
Outcome was a Wave 3-C. Based on fib ratios of wave A-B this looks to drop to at minimum 0.0017, to as low as 0.0015