Pls visit our last Polkadot analysis for better context.
As we know DOT was inside an ascending triangle pattern ( bullish ), however price has fallen out of that pattern for a much larger wave 2 correction.
Should price fail to close back inside the triangle and i think it wil fail due to bitcoin's vacation, we will have ourselves in play, a regular flat correction for wave 2, comprising of a large ABC correction with the C wave being a 5 way impulse move marking a 100% retracement of our Wave AB and aligns perfectly with the downward trend channel price seems to have created.
Make sure to apply proper risk management.
Goodluck
As we know DOT was inside an ascending triangle pattern ( bullish ), however price has fallen out of that pattern for a much larger wave 2 correction.
Should price fail to close back inside the triangle and i think it wil fail due to bitcoin's vacation, we will have ourselves in play, a regular flat correction for wave 2, comprising of a large ABC correction with the C wave being a 5 way impulse move marking a 100% retracement of our Wave AB and aligns perfectly with the downward trend channel price seems to have created.
Make sure to apply proper risk management.
Goodluck
Trade closed: target reached
