Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
Risk Reward: 45.14
Potential upside: 1906%
Potential downside: -42.24%
The bottom looks like it's in or really close. We haven't touched wave 1 top yet so technically we still have a -42% downside before we enter wave 1 territory.
Gala has been going up since it started in 9/2020 and peaked at 11/2021. An uptrend for 1 year and 2 months, since then it has been correcting and looking for a bottom. From 11/2021 - 5/2022 is about 6 months and that is a healthy correction considering how long it has been going up for. If we get something similar for the next impulse cycle then it can play out to something like this chart. An uptrend is usually 2-3x longer than a downtrend so we should be seeing a reversal soon.
Risk Reward: 45.14
Potential upside: 1906%
Potential downside: -42.24%
The bottom looks like it's in or really close. We haven't touched wave 1 top yet so technically we still have a -42% downside before we enter wave 1 territory.
Gala has been going up since it started in 9/2020 and peaked at 11/2021. An uptrend for 1 year and 2 months, since then it has been correcting and looking for a bottom. From 11/2021 - 5/2022 is about 6 months and that is a healthy correction considering how long it has been going up for. If we get something similar for the next impulse cycle then it can play out to something like this chart. An uptrend is usually 2-3x longer than a downtrend so we should be seeing a reversal soon.