VRA:USD Mean Reversion Targets: +120% / +500%, Algo: +3x / +80x

Veracity looks set to pamp! There's multiple golden corner mean reversion trades in play with 80% odds of hitting their targets (as long as the lows hold). This Elliott wave count suggests that Verasity could be entering the most explosive wave, the 3rd with multiple algo targets above. In the past I've noticed setups like this often fail to hit the LOG targets for a 3rd wave so I have left them off this chart and am instead focusing on the higher probability mean reversion and algo targets.

Key points:

• 2 Pitchfork mean reversion trades in play, these are the highest probability trades. Great R:R
  
• 2 algo targets in play, these are the second highest probability trades.
  
• Potential for explosive 3rd wave
  
• Expect resistance at the first pitchfork median line as the weekly resistance is also in line with this target
  
• Expect heavy resistance at order block (also contains bear golden pocket)
  
• Risk of lows being swept, re enter on a 1-2 retrace if this happens.
  
• The high level Elliott wave targets are $4 & $32, I DON'T BELIEVE THESE WILL BE HIT.
  

The trade:

• Entry 1: as close to the golden pocked as possible, current price: 0.0042500
  
• Entry 2: wait for a .618 retrace if lows are swept and price rebounds.
  
• Pitchfork Target 1: 0.008788 (moving higher): 8.7R
  
• Pitchfork Target 2: 0.25 (moving higher): 38R - THIS IS THE BEST TARGET, best odds, should play out even if this is corrective & there should be a decent retrace when this hits.
  
• Algo target 1: 0.017: 24R
  
• Algo target 2: 0.35: 647R
  
• Elliott target: 0.056: 97R
  
• Stop 1: 0.003787
  
• Stop2: below the .707 of the swing from the new low if sweep happens
  

Risk management: the stop loss is a significant drawdown @ about 11% so compensate for this by entering with a smaller position (risk no more than 2% of account balance for the drawdown)

If given the opportunity with additional .618 retracements add to position & move stop to new .707. Take profit at targets and re enter on pullbacks.


D.Y.O.R. DO NOT BLINDLY TAKE THESE TRADES.
Never Trust. Verify. PLEASE DO YOUR OWN ANALYSIS.
This is not financial advice. These are just my observations.

Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.