XLM is one coin where I believe the bear market is over and I posted as such at the bottom in March. Note how the price broke out of the red channel, retested it (yellow wave4) and bounced hard. Just textbook However, every rally needs to correct and I believe the 1st macro wave of a new bull cycle appears done - 5 waves (yellow) appear to be done - 5th subwave...
Considering the entire move up to as Wave (1) of a new cycle ad now we saw a drop to 0.618Fib for wave (2) correction Also bullish divergence on RSI Invalidation: $120 (Below wave 1 start) Confirmation:> $260 T1: $360 (in case ABC) T2: $420 T3: $580++ (Min target for wave (3)) All the best!
After an awesome last few months, the parabolic rally appears broken and the 5 waves also seem done The reason for the extraordinary performance is that we had an extended 5th wave (green) which in turn had its blue 5th subwave again extended. No wonder the price went up 90 degrees But this also means the correction will also be hard and I'm expecting a drop to...
Congratulations to people who invested/traded LINK. It was an extraordinary performance, while the entire crypto market was in a bear market, LINK was in its biggest bull run ever. I believe this month was like the Dec 2017 cryto bull run euphoria From an Elliott wave perspective, The entire move from $0.16 to $20 can be considered as wave 3 (green) and the last...
The entire drop is well aligned with corrective WXY waves, with blue ABC as the X wave. So assuming we are done with the B wave of the final Y. Note how we are facing resistance at 0.618Fib, typical turn around point RSI was rejected at the blue line
The recent move appears corrective as it is confined within a channel and also the entire move looks like a WXY where W = Y So considering this as a major B wave and expect to see a 5wave impulsive drop to the target
ADA had an extraordinary run of 700+% in the last few months, which I think is over now or almost. 5 waves (blue) appear to be done and we are now in the 5th wave (red) of the last wave. I can see RSI bearish divergence and volume declining while price make new highs, this is another confirmation between 3rd wave and 5th wave Typical emotion in the 5th of the...
Whatever way you look at this , it is a bearish pattern and can't be sustained without a correction. I expect a drop of 30%-40% to the red box. Also the bounce to 0.618Fib is a typical turn-around zone From EW perspective, this can be interpreted as 1) ABC - with C as an ending diagonal. This would mean lower lows 2) 1-5 of a leading diagonal - which is either...
Assuming that 1st cycle is done with the 5waves (Green), we corrected to the 0.5Fib blue line, this is also blue subwave2 of the 5th wave, and since 5th wave was extended, guideline is that correction goes till subwave2 of 5th wave. That is good confluence The correction itself appears to be a double ZigZag where (Y) is 0.618 of (X). The A & C internal waves of...
Similar to the macro count on ETHUSD (see linked post), ETCUSD, BTCUSD I consider that 1st wave from bottom is completed in 2017 with 1-5 waves marked in blue. Note that it was a 5th wave extension considering the subwave4 dropped to 0.618. So the guideline for correction is a drop till subwave2 (green line) of 4th wave. The correction has already retraced to...
The entire move from the bottom screams for a correction and the patterns appears to be a leading diagonal, which usually have a sharp correction. Also the bounce is facing resistance at 0.618-0.65 Fib zone (red line), the trend line is also acting as resistance (red arrow) We can also see bearish divergence where price makes a higher low while RSI makes a lower...
After bottoming out of the channel as posted here a month ago (linked), we bounced to the median line of the long-term channel, which is also 0.618Fib retracement of the entire move down. I'm expecting a rejection 2 possibilities 1)This is a leading diagonal which is either (A) wave or Wave (1), we follow the green line path of a drop and a bounce to retest the...
I believe we are at the end of a 9.5 years bear market for Punjab National Bank, which represents the Wave2 and Wave3 bull rally can take the price above 1000 easily (not sure on timeline, possibly years) Factors in favor of correction ending (or almost) - Hit the 0.618 Fib support line, a typical wave2 turn-around point - Y is 1.618x of W - Internal sub-waves of...
We are likely at the end of a 20 year-old bull cycle, Wave3 (green), what follows is a wave4 correction to 0.382 (4.5k) or 0.5 and in some cases 0.236 (6.5k). Note that we can see 5 waves (blue) within the 3rd wave and 5th subwave (blue) here is extended and appears to be an ending diagonal, break below that was a clear indication of a correction. Also like that...
Exploring a bearish possibility because the entire move is confined within the blue channel and considering an ABC, here A:C = 1:1 We also had 4 green candles on the monthly, the last time this happened, price dropped 60%. In our case here, a 60% drop will take to channel bottom Play safe
I've highlighted this possibility of a mid-term rally in my macro bearish chart posted here in Dec, as mentioned, the price did get support at the 0.618Fib region and bounced hard and currently facing resistance at median line of the blue channel which also happens to be 0.618Fib of the entire move down from 2019 highs (red box) The current bounce was predicted...
The current structure looks like a large leading diagonal of which we are in the final stages, the 5th wave has o play out. This aligns with the recent price jump which looked corrective in nature, I'm considering that as wave 4 This pattern is similar to ETC chart I posted recently (linked below) This assumption shows that we are in the last stages of 6 month...
The recent move looks like an obvious 3wave ABC corrective hike, and the fact that it is contained within the green channel and A:C = 1:1 makes it likely a counter-trend move. This means that the downtrend will resume again I expect a drop to the bottom of the blue channel, which is 0.618Fib region of the total move up in the first half of 2019 Invalidation: If...