Algo retraced deeper than ideal, thanks to Bitcoin .
But it bounced EXACTLY where it was supposed to.
Now it is bubbling just under MASSIVE resistance.
It will take a wave "3 of 3" to break the hard ceiling.
The waves thus far do conform to such a structure.
IF we are to breakout, THIS is the buildup to do so.
HOWEVER, the Holidays just ahead will make it difficult.
Either we will see no movement, or large random spikes.
So this more of an exercise in Fybsics than a trade call.
If we DO get a breakout, sizable profits are likely.
Shorts' stops should trigger the first spike after break.
Then longs may take profit causing a retest of break zone.
Previous Algo analysis (click):
.21 Retrace Target <= EXACT target hit
.25 Rocket Launch <= Just in Time to act
.25 Retrace Call <= Perfect Road Map
.29 Top Alert <= Just in Time, to the Pip
.24 Bounce Call <= Entry within .01% variance
.20 Bottom Map <= Fine tuned as it went
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Got through resistance, kinda, but apparently used up all the fuel to do so Fizzled out and has fallen below the "fail" level.
Zoom IN (34 min) and looking at the Purple fib the 3.236 has been good support but is surely tired now.
Bulls need to turn that Grey zone into support.
Wishful thinking: The overlaping 5 wave structure of the bounce COULD be considered a "Leading Diagonal" for a wave 1.
The sloppy ABC could be considered wave 2. Yup, wishful thinking. But not ruled out.
- Algo did chew through some tough resistance, but apparently used up all of the fuel to do so.
- But that does mean if bulls do mount another attack on the resistance, it should be pretty weak now.
- EW waves can be drawn to "fit" a narrative as per above, so I rely on my fibs mostly, and until the 3.236 is broken, there is still a shot.
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