In our recent post we hit our mark when we expected BCH will break down from the triangle and take support at 0.786 Fib, it did take support but however it just appeared to be the the 4th wave (yellow) of this downward movement. We now appear to be in the 5th sub-wave of the 5th wave
So going above $120-126 (use stop loss) will invalidate this wave count as the 4th wave can't go above wave 1 bottom
I tweeted this chart when the price was $116 yesterday, so do follow me there for updates
Note how we appear to be in a downward channel (red) where the top of the channel has rejected the price multiple times (red arrows). The first target is the green box just below $100 where the median line (dotted) of the channel can offer support, if not, price will likely go to the bottom of the channel (blue box) which also happens to be the 1.618 Fib level of the wave (iii)
All the best. Take care.
So going above $120-126 (use stop loss) will invalidate this wave count as the 4th wave can't go above wave 1 bottom
I tweeted this chart when the price was $116 yesterday, so do follow me there for updates
Note how we appear to be in a downward channel (red) where the top of the channel has rejected the price multiple times (red arrows). The first target is the green box just below $100 where the median line (dotted) of the channel can offer support, if not, price will likely go to the bottom of the channel (blue box) which also happens to be the 1.618 Fib level of the wave (iii)
All the best. Take care.
ความคิดเห็น:
We are back at the top of the channel and facing resistance (white arrow) and also from 50 EMA (orange)
ความคิดเห็น:
ความคิดเห็น:
We are out of the channel, retested and still out of it. A good sign. However the 4H 50 EMA is acting as resistance. If price can breakout above $135, I would turn bullish
ความคิดเห็น:
I did mention that breaking out of the channel, retesting and staying outside of it was a good sign. We got a nice spike out of it. But the wave structure still appears to be an ABC (blue), an indication that downward correction will continue eventually
In the short term, the C wave wave may still playout more as part of the larger 4th wave (pink) assuming that there are 5 sub-waves (yellow)
We appear to be done with an ABC correction of the yellow 4th wave, which did not go below the 1st wave candle (wick overlap is acceptable in EW). We are now in the 5th wave.
This count will be invalidated if price goes below 4th wave bottom ($117), that can be the SL for longs (in that case I will go short)
In the short term, the C wave wave may still playout more as part of the larger 4th wave (pink) assuming that there are 5 sub-waves (yellow)
We appear to be done with an ABC correction of the yellow 4th wave, which did not go below the 1st wave candle (wick overlap is acceptable in EW). We are now in the 5th wave.
This count will be invalidated if price goes below 4th wave bottom ($117), that can be the SL for longs (in that case I will go short)
ความคิดเห็น:
Target Hit! Now if this is indeed the 4th wave (pink), this will be the top. Lets see
