Looking to EURNZD, there is a good setup in this pair.
Based on EW, I would like to see the price getting higher to my "Area of Value" and I will go to lower timeframe to get into short opportunity.
We can call this intraday trade, in order to confirm my short bias of course I would love to see if the price makes a Lower Low in Daily TF before doing any pullback....
Holo (HOT) at the moment is in the last downward movement of the 4th wave, the wave we are actually in, so I've put my buy orders between the 61.8 and 66% retracement of the 3rd wave(0.00000023) .This level for me is key because here you have
-Golden pocket retracement
-Top of wave 1
-C wave of 4 we're in will be a 100% extension of A wave of 4
I expect a bit a bigger correction in order to form Pennant Formation. However, because of the extreme sell off that we saw 25th of April - it can possibly be invalid and thats why we track elliot waves in this market.
In this case, Ripple found support at 0.45 level and turned sharply just like other cryptocurrencies, but beware, because Ripple can be 4th way...
Wave 2 Retrace between 50.00% and 61.80% of Wave 1.
3rd Wave is an extended wave. Wave 3 is between 261.8% and 323.60% of wave 1.
Wave 4 Retrace between 23.60% and 38.20% of Wave 3.
Wave 5 could be equal to 61.8% to 76.4% of wave 3.
At the risk of sounding like a broken record player, another bounce is on the cards. I say bounce because it's due to be "corrective", which means there will still be a new low to follow.
Currently we can see that the divergence on the MACD is even greater than when we were looking for the red wave iv, a MACD "buy" signal could provide a great entry for the short...