GLXY has corrected to the 0.382 of what could have been Wave 3. Corrective Wave 4 could end around this area of $18.60, but given recent market action in crypto it is very likely that we still squeeze lower to the 0.236 fib level in the $12.00 region, and where the 50w ma also crosses, before a potential Wave 5 could start. All eyes on this area as there is not much support underneath if it does not hold.
Comment:
The $18.60 continues to hold as support for GLXY and could very well be the end of Wave 4 if we manage to trade above $28. However, I still think there is a decent risk for a move down to $12 that could make for an interesting entry level to go long ahead of Wave 5.
Comment:
There is a possibility that GLXY has bottomed out and is showing signs of life with the crypto revival of last few days. The 50w ma held on a closing basis and currently sits at $14.83 which is a positive sign; however, in order to think that this correction is over I would like to see GLXY to close above the 20wk ma of $24.75, as long as it does not happen I think the area of $12 is still in play as indicated before.
