There is a relatively clear Elliott Wave structure on the lower timeframes and it certainly looks like this market is pointing up for the next few weeks or so. I am looking to buy on any minor retracements as long as $812 can hold*. We don't really have any divergence on the 1h chart, but may have when (iii) is carried up into the potential resistance zone. However, I won't be exiting at that point because I am still confident in the bullish case. I'm looking for the momentum to again pick up after minuette (iii) is completed, as fifth waves like to extend in Cryptocurrencies. I will most likely update this chart tomorrow to refresh Fibonacci levels for targets and reversals.
I will only look to exit on a clear 5-wave impulse to the downside, or once significant divergence and ending patterns are generated by this market.
*The reason $812 is significant is because there is a lower degree 4th wave completion just above this level. RN Elliott noted that 4th waves on higher degrees tend to hold above the 4th wave of one lower degree. Of course, this is not always the case, but in most cases it is and i'm happy to play to the probabilities.
Have a great trading week everyone!
I will only look to exit on a clear 5-wave impulse to the downside, or once significant divergence and ending patterns are generated by this market.
*The reason $812 is significant is because there is a lower degree 4th wave completion just above this level. RN Elliott noted that 4th waves on higher degrees tend to hold above the 4th wave of one lower degree. Of course, this is not always the case, but in most cases it is and i'm happy to play to the probabilities.
Have a great trading week everyone!
Comment:
There's the pop I was looking for! Now we need $1000
Comment:
Almost there :)
Trade closed: target reached
Coming up to resistance, but looking bullish - possibly expect momentum to increase today