I don't usually disregard wicks but wave 2 was a black swan so in this rare case I'll make an exception. When you measure the 1st wave; the bodies of the weekly candles end perfectly in the high probability zone (golden pocket). If you project from the same place the wave 3 ends in the High probability zone for a 3rd (1.618 - 1.75). Wave 4 has hit the high probability zone (0.236 - 0.382) & is hinting at completion. Looking for a sensible wave 5 target; If you project the length of wave 1 from the end of wave 4 you get a target of around $149k. Other signs of strength include failure to make the median line & either of the 1:1 targets for the WXY correction.
Key Points:
The trade:
Entry 1: 4h 244 EMA has now been tested from above. Can enter around here or wait for the 144 , 169, & 244 to cross bullish.
Stop 1: Break and close below the 4h 244 EMA
Entry 2: Inverse Head & Shoulders, enter on the breakout and retest of the neckline.
Stop 2: Break and close back below the neckline
Target: Head & shoulders: $63,300
Target: Failure to make median line: $69,000
Target: 5th wave: $149,000
Inverse Head & shoulders + EMAs
Fib levels for wave 2 and 3
D.Y.O.R. DO NOT BLINDLY TAKE THESE TRADES.
Never Trust. Verify. DO NOT TRUST THIS ANALYSIS.
This is not financial advice. These are just my observations.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
These analysis take a considerable amount of time, consequently, I'm not taking any analysis requests.
Please respect my time and don't ask; because I dislike having to reject you!
Key Points:
- Ignoring black swan wicks- High Probability zones reached for wave 2, 3 & 4
- There is still a chance that wave 4 could turn into a triangle
- Risk of rejection on the daily EMAs
- Inverse Head & shoulders trade setting up
- Wave 4 appears to have failed to make the median line- a failure to hit the median line sets up a move equal to of greater than the move that preceded it
The trade:
Entry 1: 4h 244 EMA has now been tested from above. Can enter around here or wait for the 144 , 169, & 244 to cross bullish.
Stop 1: Break and close below the 4h 244 EMA
Entry 2: Inverse Head & Shoulders, enter on the breakout and retest of the neckline.
Stop 2: Break and close back below the neckline
Target: Head & shoulders: $63,300
Target: Failure to make median line: $69,000
Target: 5th wave: $149,000
Inverse Head & shoulders + EMAs
Fib levels for wave 2 and 3
D.Y.O.R. DO NOT BLINDLY TAKE THESE TRADES.
Never Trust. Verify. DO NOT TRUST THIS ANALYSIS.
This is not financial advice. These are just my observations.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
These analysis take a considerable amount of time, consequently, I'm not taking any analysis requests.
Please respect my time and don't ask; because I dislike having to reject you!
