Nice setup imo for a trade to the top of W3 and a long tail wick rejection to 0.6205. The sell target box (red) lies at the 1.618 retracement of W0-1 and has been brought forward from the last post. Could be a nice 50% pop before late Jan pullback.
Further downside to .382 is possible as there is a strong confluence of support there and would be a more typical level for retracing a W1. We're good at levels here, not timing so patience and good risk management is key.
I want to see more confidence on the bottoming before I play ball. Such as:
Positively divergent lower low on MACD and or RSI (both is best) on a higher time frame (2 or 4hr is enough)
a confident break above the grey trendline
Comment
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Spilled past where I expected, Teased us to the last minute before dropping lower. We should wait to see the response as it tries to base at the .236 retracement, which would be more typical of this wave structure.
real gem, real potential ! Iotx and CTSI would be great together .
littlebounty
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waiting for your confirmation sirrr! Great TA @ptero1492
ptero1492
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@littlebounty, Yeah dude! Can't sit and chart today (exam tomorrow!) But take the entry that suits you best with the levels I have described. Break the grey trend line OR bounce off of the .382. manage your risk!
IDK what your situation is so I can't advise what's best for you. Good luck!
ptero1492
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@littlebounty probable bottom here. Slight divergence on the new low. Need to see trend line break