But the bounce looks and measures "corrective" more so than "Impulsive".
Plotted are two scenarios for the correction to continue to new local lows.
Hopefully I am WRONG and we see a sudden surge like Algo does.
One good sign is Algo moving somewhat independently of Bitcoin .
But short of a surprise buying spree out of USA today, this plot holds.
0.2750 is the KEY support right now, making one path more likely.
IF we break below that, expect a rapid drop for "wave 3 of C".
If we HOLD and bounce, be wary of the .297x area for Bull Trap.
Pardon the cluttered chart, wanted to post notes at each important zone.
If already in a long (like I am), trailing stops below last fib is a good idea here.
If not long, this is NOT a good place to enter, too much risk with small reward.
Here is the plot that scored the bounce (nice profits) for us:
Taking a closer look, looks like the Green 5.618 was the key, not the 5.236 as originally plotted
Zooming OUT, and based on above observations, I have adjusted resistance zone, and plotted a NEW support zone So right now we should wait to see if .2781/87 is hit, and what the reaction is.
- More bullish than I thought.
- ABC's still look valid, at least no ruled out.
- Couple of new zones to keep on chart going forward.
so plotting a Fib of the drop (in Red) There are two zones of interest below, at .2688 and .2648/62.
BUT, the Green Fib could still regain sync, if it bounces at .2287
But I think we are headed to lower targets at green arrows.
Lets see if it has any legs ....
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Kinda depends on the weather I guess (bitcoin that is).
Am trying to plot some zones to help rule-in or rule-out some possibilities ....
and ABC should have the A and the C with 5 sub waves, and the B with 3 subs.
The drop fit "A" well, the bounce fit "B" well, so I was guessing the C was coming...