wave 2 was a W bottom, target reach with wave i
the orange neckline of an inverted H&S was broken, chaikin money flow stayed positive and confirm the break
the break above both pattern was marked with volume spike, highlighted in the circle
The peak of the W bottom and this neckline, both orange line are a buy zone
Which intersect with the support TL of wave 1
A move to the upside is to be watch around the blue vertical line
which coincide with RSI retesting it's own TL and the median
The wave count of 2 could be adjusted and 2 be moved to the first trough, the peak being "i" and the second trough "ii"
But macd confirm the bottom (pointed by an horizontal arrow) where i placed it.
My next target to the upside remain the same, marked by the horizontal black line
And tucked under fib 2.6 and the next major resistance in red
If iota push above, fib 4.2 is the next likely target. In which case PA would print a move similar to the one seen on EOSUSD
If the retest of the neckline and peak fail, the follow up support are found in blue
Which would hint toward an alternate wave count in which "1" would become "iii" and "i" would become "1"
Thank you for reading and happy trading !
the orange neckline of an inverted H&S was broken, chaikin money flow stayed positive and confirm the break
the break above both pattern was marked with volume spike, highlighted in the circle
The peak of the W bottom and this neckline, both orange line are a buy zone
Which intersect with the support TL of wave 1
A move to the upside is to be watch around the blue vertical line
which coincide with RSI retesting it's own TL and the median
The wave count of 2 could be adjusted and 2 be moved to the first trough, the peak being "i" and the second trough "ii"
But macd confirm the bottom (pointed by an horizontal arrow) where i placed it.
My next target to the upside remain the same, marked by the horizontal black line
And tucked under fib 2.6 and the next major resistance in red
If iota push above, fib 4.2 is the next likely target. In which case PA would print a move similar to the one seen on EOSUSD
If the retest of the neckline and peak fail, the follow up support are found in blue
Which would hint toward an alternate wave count in which "1" would become "iii" and "i" would become "1"
Thank you for reading and happy trading !