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Let's Talk SUSHI/USD...
When an asset hits price discovery territory the potential becomes infinite and price discovery for SUSHI is what we'd be looking to explore with this count.
The first wave has formed a with a 5-3-5-3-5 structure that is the start of something.
The big variable here is really just where wave 2 will pull back to. In this chart I'm hypothesizing that it will pull back to 2.07. This matches up with the channel support that is commonly used to identify waves of an impulse as well as targets. The 3rd wave is projected (on log scale) for the of wave 1. The deeper wave 2 pulls back the lower the 3rd wave target becomes.
The orange dotted lines highlight previous swing lows that will want to be defended, with the lowest orange dotted line being the most important low to protect.
Invalidation of this count will be the origination of wave 1.
I chose 2.07 as the most probable support due to price, channel support, , and a 1:1 ext of the A wave in the start of the correction. All this lines up nicely for support at 2.07 which is approximately a 30% retracement.
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To Your Success,
Everything staying on course so far.
Failed to fetch". It seems I cannot follow you :'(
Any idea why ?