Looking at the move from the recent low, it shaped up to look like a leading diagonal. The typical overthrow of the 5th wave with a contracting diagonal has shown. I'm expecting a retrace to the zone marked between 2.65 and 2.57. This is also a great support range for this coin.
This could potentially also be the C wave of a Zigzag heading downwards, although the .618 target places us pretty low under our support levels.
This could potentially also be the C wave of a Zigzag heading downwards, although the .618 target places us pretty low under our support levels.
Comment:
That was a very quick move. Came down and tapped the golden zone of .618 - .65 retrace and bounced. You might be able to suggest a 3 move downward for completion of the 2, or we're just beginning a larger retrace in relation to the initial larger Wave A down for the recent low.
