Traveling an ascending channel creating a fifth wave
Nice ascending channel thats following mid trade trade line nicely.
Mid trade line can be used to see where key resistance/support can be tested.
Suspecting we are following a third leg up in a Kondratieff wave.
Creating a fifth ascending elliot wave and possibly creating a first larger ascending wave.
We could see the fifth wave touch the top of the channel at $12-13k or higher before seeing a descending reversal pattern.
Mid trade line can be used to see where key resistance/support can be tested.
Suspecting we are following a third leg up in a Kondratieff wave.
Creating a fifth ascending elliot wave and possibly creating a first larger ascending wave.
We could see the fifth wave touch the top of the channel at $12-13k or higher before seeing a descending reversal pattern.
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Staying above the mid trend line
Estimated EW pattern holding support
Estimated EW pattern holding support
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$11200 support stopped the initial bleeding. Could be the end of an up trend.
1 hour RSI and MACD seem bearish. Maybe we continue upward below the mid channel for a bit or maybe we are seeing a pivot. Pretty dramatic but still within ascending channel.
1 hour RSI and MACD seem bearish. Maybe we continue upward below the mid channel for a bit or maybe we are seeing a pivot. Pretty dramatic but still within ascending channel.
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Failed wave. Could be a pivot
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Its possible we have a 7 wave count. Im learning.
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Looks like wave 2 of a larger wave
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Possible end of correction wave. Should know soon.
Still could be bearish as descent was steep
Still could be bearish as descent was steep
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Seems the correction wave ended and we are seeing a tight channel for now.
Should know soon if we cross below it or if it remains a support line.