EuroMotif

ALGO.USD topped EXACTLY as expected, now in Retrace Watch

COINBASE:ALGOUSD   ALGO/USD
Update to my ongoing analysis of AlgoRand moves (see links below).

Here I am with another messy chart, I know.
We bounced as expected and topped as expected.
Now comes the TOUGH call, many possible paths.

We look to be in a "wave 3 of C" at this time.
But the w1 and w2 were unusually tall so am unsure.
We should see one more leg down, perhaps a stop hunt.

In general, looking for a wave 3 up soon (large green numbers).
Question is whether wave 2 is done or needs another leg down.
Wave 3's should be strong and fast, so that is what to look for.

0.2624-41 is immediate support and could be strong (2.618's are always strong)
0.2407-24 will be Strong but double bottoms rarely hold (whales hunt stops below)
0.2325-47 remains a likely target but must not break (need a strong Ping there).

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Last Plot mapping the TOP:
Prior Plot mapping a BOUNCE:

Dec 04
Comment: Making progress towards our targets
Zoomed IN on the Fib of second leg down We are at an important point in analysis.
So far this fib has been pretty clean in its effect.
Now we test the 2.618, which is a VERY important fib in any series (if the Impulse is correctly identified).
So I want to see a CLEAR reaction at the 2.618 to confirm this fib is still in control.
Of note: with low volume assets like this one, I allow a LITTLE more slop on the fib reactions.

So waiting to see the reaction here, to further gauge the move.

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Dec 04
Comment: Follow up to the above snap shot regarding the 2.618:
We did get a reaction: But bulls could not hold it, so 2 conclusions:
This red fib is GOOD.
Bulls are quite WEAK.

To be fair, Bitcoin is playing all sorts of dirty tricks as you know.
But this movement in Algo seems destined anyway.

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Dec 04
Comment: Zooming OUT to the full picture:
It looks like we are following the more BULLISH pattern believe it or not: So now it is a question of whether we get a good bounce at "Ok Bull" zone, 0.2524-2547.
If it cuts straight through, then we are still in wave 3 of C.
If we get a good bounce, then it could be resuming uptrend.
If resumes uptrend, there should be fib clues during the first bounce, which I will be looking for.

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Dec 04
Comment: Looks like we have two separate but intertwined waves: Blue and Red fibs The tight Confluences are worth noting.
They will be stronger than single fib boundaries, and we can see their effect as it is.
They also point to our green "2" target zone as even more likely now, and ALSO that it is more likely to bounce.
But lets see how it plays out, we should find out in the near future.

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Dec 04
Comment: So here we are, Rocket moved to Launch Pad, waiting for the Alts light to turn Green after the King has gone past
OR we fall over and have to start with another booster ....

Moment of Truth here.

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Dec 04
Comment: First resistance at .268x . BTFD mode activated
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Dec 04
Comment: I guess this is more like an ABCDE than a 12345 wave and that is perfectly acceptable for a "corrective" structure per Elliot.

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