Binance Coin BNB - Triangle formation 5 APR Update
LEGEND:
RED - Resistances
YELLOW - possible support/resistances
LIGHT BLUE - Trend Support
It looks to me like BNB has finished a 1-3-5 Motive Elliot Wave yesterday.
I'm currently expecting a correction to a maximum of $11 - based on the current trend support.
Right now BNB seems to be forming a triangle. But I'm not sure yet as to *where* is the end of it.
I have to wait for the Possible purple trend line to be validated/invalided.
Based on current data I'm expecting either an "abc" sharp correction that might end anywhere on the red line (yes, even the dotted red line).
Otherwise, it might form an ABCDE correction (meaning that it will go up a bit more before falling back down).
Observe the *purple* MA(100) line. It follows it perfectly up until now.
When it breaks below it - I expect the next correction wave to begin.
RED - Resistances
YELLOW - possible support/resistances
LIGHT BLUE - Trend Support
It looks to me like BNB has finished a 1-3-5 Motive Elliot Wave yesterday.
I'm currently expecting a correction to a maximum of $11 - based on the current trend support.
Right now BNB seems to be forming a triangle. But I'm not sure yet as to *where* is the end of it.
I have to wait for the Possible purple trend line to be validated/invalided.
Based on current data I'm expecting either an "abc" sharp correction that might end anywhere on the red line (yes, even the dotted red line).
Otherwise, it might form an ABCDE correction (meaning that it will go up a bit more before falling back down).
Observe the *purple* MA(100) line. It follows it perfectly up until now.
When it breaks below it - I expect the next correction wave to begin.
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