Made a high a while ago in a 5 legs upcycle and now in an correction. Didn't manage to make a new high in the latest upmove which looks to me as the B leg.
divergence in that latest upmove (on 240m chart), which is a clear sign it is loosing momentum.
How to trade: wait for a breakout to the downside and the retest (see link below if you're not familiar wiht break out trading).
Once retest fails, you can open short positions and hold to C (determined with Fibonacci Extensions).
If current move up (the B-leg reaches higher, C will also be a bit higher) but I will update if that happens.
Simple but effective set up, just wait for the break down. If it doesn't happen, just move to the next trade.
Coud go more higher and even make a 5 legs structure before a bigger correction. If so, final target will allso be a bit higher
Depending on the strenght of alt markets, we might see a bounce from here of just continue to the downside.
A bounce would be good opportunity to add to your shorts.
Expecting some consolidation or bounce before next move down to at least the .618fib level.
Watching the bounce to open new shorts
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I hope not but this could turn into a new Tron down spiral, they need get things together and fast or it will not look pretty
I do feel that the ABC correction is completed and not to sure if it will retrace to your point C. Reason is that i have looked at the previous waves and never has any leg 4 retraced much more than 50%. However this is only valid if my wave count is accurate and history repeats.
It will be interesting to follow ....