Looking at the micros, if we do in fact have a bottom in place, then we should target the target box completing b next. After that, we would then ideally head higher to the $190 region for c of (a). In what I am counting as a possible b wave, we need only OML for it to be considered complete. I could see it counted as needing two more lows, but I believe only one is truly needed.
Should the bottom not be in, a new low to the $128 area is up next. As a reminder, the dashed line is as low as price can go while leaving the primary ((2)) pattern viable. Obviously, I would prefer that the bottom be in already. However, the fact remains, nothing has ruled out another low yet.
Lastly, do not forget that earnings are Thursday after close. Honestly, I could see them as the catalyst sending us higher or lower. I would imagine that low earnings have already been baked into the chart. I feel this is likely a big cause of the dramatic downside we have been witnessing. If they beat expectations, it could cause the stock to jump forcing many short positions to close. However, if they disappoint, it could be what cause price to drop to the $128 region. Needless to say, this week is very important for Coinbase.
Should the bottom not be in, a new low to the $128 area is up next. As a reminder, the dashed line is as low as price can go while leaving the primary ((2)) pattern viable. Obviously, I would prefer that the bottom be in already. However, the fact remains, nothing has ruled out another low yet.
Lastly, do not forget that earnings are Thursday after close. Honestly, I could see them as the catalyst sending us higher or lower. I would imagine that low earnings have already been baked into the chart. I feel this is likely a big cause of the dramatic downside we have been witnessing. If they beat expectations, it could cause the stock to jump forcing many short positions to close. However, if they disappoint, it could be what cause price to drop to the $128 region. Needless to say, this week is very important for Coinbase.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
