Still plays as long as we stay above 78.6 and the 200 period MA. This is still my preferred count as we never made a retracement deep enough for a clear wave-2 of Wave-5 of WAVE-3. I'm long and HODLing
Trade active
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Not out of the Bear woods just yet. Bulls need the pattern of lower highs to break and reverse to a higher low and a higher high. Trading 101. Until then, very reasonable to assume that this 5 wave will finish with a new low. 78.6 and the 100% app below. Still potential for this to stay a Wave-2 until the Wave-4 low is broken...
Comment
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Impulsive wave off the low confirmed. Right to the 61.8. Thanks Algos... Now we wait for the retracement to the 50%.
@deedee, Thanks for kind words. I hope you're profiting ;)
deedee
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@tradedevil, certainly sir ;)!! Have a request cud u do a chart of ethbtc since the momentum in eth is quite low as compared to btc and it looks like that may change since it is too low compared to the peak! Thanks ;)
deonjoubert
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You rock man, it's going like you said right now.
tradedevil
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@deonjoubert, Thanks for the nice comment. I hope you're profiting. I'm just following the road signs. Every now and then, you lock the GPS in and it's a beautiful thing. Now we just need a solid 'higher low' in that buy zone and we're likely off to 5K again and higher... we shall see.
JMaldonado
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consider correction in B and wave failure 5, (i) (ii),
KLYP_Investment
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the best porn i've ever seen
sato84
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hi @tradedevil ... I've been following your charts. nice work. I would like to know your thoughts on our current resistance and support level. Will we be testing 4100 again, before heading back up, or is this the rebound back to ATH?
tradedevil
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@sato84, Hi there; thanks for nice comment. To your question... unfortunately, there's no way to know with any certainty. All we can do is watch the lower time frames and look for a structure that fits. This could be a completed A-B-C that we're carving out now or it could be just the A wave of a deeper correction. For a trade; in my view, and what I'll look for.. is a completed C-wave structure and then an impulsive wave higher, a pull back and then higher low with no less than a 50% retracement of the impulse. That way I can trade it with a clear exit point to know when I'm wrong. That's all you can ever really do. Lay out a "potential" road map and apply strict money management. Wave counts are always fluid and change on you all the time... You can't get married to any one count. That will inevitably be the count that hurts you. It's just probabilities and money management. That's the thing to focus on... Getting the wave count right if often just for the ego stroke. It's not "really" what matters... but, it is sweet when it follows it as you see it. That's when you ring the register. It's the only edge you have in the market against random chaos.