In the previous idea I wrote that I'm willing to take short position only if price breaks out of the channel. It did break when H&S developed, and the setup allowed to take intraday profit. Currently, the wave pattern remains unclear. Two most probable scenarios are presented on the chart.
The first implies the development of bullish Triangle. The trigger for its activation is set for 9375.
The second scenario is bearish and suggests that price is going to slide below 8300 as part of Zigzag pattern.
The probabilities are more or less equal, so stay tuned for my updates on trading opportunities.
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A drink?
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The FML-type of price behaviour on Bitfinex exchange made the chart complicated to apply wave analysis. So, I'm switching to second highest volume exchange Binance to present to trading setup for today.
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Dash is gaining traction:
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H&S has been activated:
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H&S from the last update failed. Currently, price is coiling within this Triangular consolidation. Ain't going short until the 'Last Resort' zone is broken through.
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So, the price returned to the intraday breakout level. If it holds here and makes it to 9450, we have no choice but to enter new longs:
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All targets from the previous update were met. Triangle is still the preferred scenario. Price is forming the bottom. Charts are due tomorrow.
Hello Nick! What is the probability in your opinion of the development of such a scenario?
And when do you wait for confirmation of canceling the script with a triangle?
Nickonomics
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@super55, @super55, This is quite possible. Formally the Triangle will be invalidated below 8900. Break of the trendline would serve as an early signal.
@super55, i have similar counting with a bit different channel
super55
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@Senecko, now the scenario with a triangle seems more likely to me. Because, according to my calculations, now correction after the fourth wave, and this is often a triangle. I had an open position from 9350. I closed it without loss (the triangle allowed it) and placed an order to break through 9580 and 8880.
Senecko
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@super55, it has got one problem to be a triangle and thats the first selloff in 5 subwaves.Triangles are 33333 i am still staying with ABC correction for now somewhere between .382 and . 5 fibo level
its not clear.I have one short open from 9400 and waiting to go long.will see :)
And when do you wait for confirmation of canceling the script with a triangle?