INJective Protocol
had massive rally, reached target zone for wave 4 retracement levels of 0.236-0.382.
Can it go much higher? Possible but less favorable.
Fib Extension targets were also hit on both calculations, so its best to favor upside as limited.
Wave 4 * can * retrace to a maximum of 0.5 fib before the count can be considered as invalid.
For now, we're keeping the count as is until markets show us the count is invalid.
Favoring current high as wave (iii) of wave (iii) in a large degree ABC corrective rally.
Suspecting volatility on both sides similar to Feb with a move lower into a move higher before a larger pullback into a final pump higher to complete the wave (v) of wave C (projection NOT absolutes). However it can also be viewed as completed since it retraced to the targets as mentioned. Its not a long entry, but will be looking to short it once market gives a more clear view and entry. Will keep the count updated and post it when candles print. The key areas to look for are mentioned and the idea we're looking for has been explained, so if you can make sense of it keep an eye on the prize.
We will have to see how it plays out. A large pullback can be a great opportunity to scalp some profits; a retest of the highs should be coming soon enough.
We will patiently await to see what the markets decide over next few days/weeks going into the month of "sell in May, then go away"
If you like my charts, please feel free to share, comment and click like to show support.
Thanks and happy trading,
Cheers
had massive rally, reached target zone for wave 4 retracement levels of 0.236-0.382.
Can it go much higher? Possible but less favorable.
Fib Extension targets were also hit on both calculations, so its best to favor upside as limited.
Wave 4 * can * retrace to a maximum of 0.5 fib before the count can be considered as invalid.
For now, we're keeping the count as is until markets show us the count is invalid.
Favoring current high as wave (iii) of wave (iii) in a large degree ABC corrective rally.
Suspecting volatility on both sides similar to Feb with a move lower into a move higher before a larger pullback into a final pump higher to complete the wave (v) of wave C (projection NOT absolutes). However it can also be viewed as completed since it retraced to the targets as mentioned. Its not a long entry, but will be looking to short it once market gives a more clear view and entry. Will keep the count updated and post it when candles print. The key areas to look for are mentioned and the idea we're looking for has been explained, so if you can make sense of it keep an eye on the prize.
We will have to see how it plays out. A large pullback can be a great opportunity to scalp some profits; a retest of the highs should be coming soon enough.
We will patiently await to see what the markets decide over next few days/weeks going into the month of "sell in May, then go away"
If you like my charts, please feel free to share, comment and click like to show support.
Thanks and happy trading,
Cheers
Comment:
wave 4 count above was invalididated.
Blew past the 0.5 fib (Market proved my count wrong).
SO for now, we can favor 3 views:
a) new bullish leg started (wave 1)
b) move up is a wave 2 retracement (should not retrace beyond 0.786 fib)
c) related to b, could be some for of WXY connect and double correction
not enough data to favor any of those 3 yet, but from the looks, favoring a at the moment is reasonable. Expect a large pullback sooner or later in either 3 scenarios
INJ has been 1 of the MOST bullish coins off the lows. INCREDIBLE!!
I hope n beg for another chance to buy at the lows
Blew past the 0.5 fib (Market proved my count wrong).
SO for now, we can favor 3 views:
a) new bullish leg started (wave 1)
b) move up is a wave 2 retracement (should not retrace beyond 0.786 fib)
c) related to b, could be some for of WXY connect and double correction
not enough data to favor any of those 3 yet, but from the looks, favoring a at the moment is reasonable. Expect a large pullback sooner or later in either 3 scenarios
INJ has been 1 of the MOST bullish coins off the lows. INCREDIBLE!!
I hope n beg for another chance to buy at the lows
Comment:
INJ has been just incredible.
Probably the most bullish crypto since the 2022 lows.
This is too bullish and impulsive for a corrective wave, already exceeded the 0.764-0.786 zone, sure it can still be a B wave to start from higher, won't know till its too late either way.
A new ATH should follow soon enough
Probably the most bullish crypto since the 2022 lows.
This is too bullish and impulsive for a corrective wave, already exceeded the 0.764-0.786 zone, sure it can still be a B wave to start from higher, won't know till its too late either way.
A new ATH should follow soon enough
Suspecting some volatility and tricky price action (bears vs bulls).
Also favoring that price action will remain below 0.5 FIB.
I can also be wrong!