Price has formed a valid pattern which aligns with the majorities vision for the asset... I believe there is huge upside potential and this trading setup could potentially identify the end of the correction.
The measurements for a valid pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
The B point forming at a solid 1.13 which is a failed price wave, as price quickly reversed from this level preventing the price of the asset declining further.
All point of the pattern formed on exact projections, such as the C point at 2.0.
The pattern officially completes at the 0.5 retracement level of B to C but in this situation I'm using 0.618 as the maximum buy point, which you will see happen frequently in these formations, price will pass 50% to test the lower level... If we see a clear close below the 0.618 the pattern is void in my opinion.
As you can see we have a price gap on the left of the chart which aligns with the 3.14 projection for this parabolic move, I see the market attempting to fill this gap.
I hope you all have a great weekend when it comes.
Looking for a close above this area shown.
If we see a breakdown we may re-test support before the move up.
The small move we experienced bounced off resistance at the trendline, pay attention to this for a move to the upside.
Price is now returning to our original entry point, as mentioned previously it looks like it will re-test support, from there we can analyse the move for upside potential.
Upon the close of the daily candle and the next daily open, that is when I feel we will see more activity.
The gap between current price and our target is a 60% increase.
Providing an excellent area to buy upon a break and close above the trendline.
We're still on track to hitting our target, be cautious of holding positions tomorrow as CBOE futures launch, the reaction is unpredictable.
Price seems to be now shifting direction and the upper trendline is holding well, I would secure profit.
Don't let a winner turn into a loser, the majority of you are up 20%-30% right now.