How far does the link can go? We believe that this asset is in on a long-term bullish trend and, after breaking an important resistance level we believe that this asset started another bullish uptrend movement we have already completed waves 1 and 2, and possibly we are ending wave 3, after that we identifying a bearish divergence in the RSI. The target of wave 4 is on the Fibonacci retracement projection.
wave 4 is usually 38-50%, not 61%. and that last big candle doesn't look like top one. Probably another flag.
MarketMinds
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@Seleme, only 5% of the time the price corrects up to 38%
The 50% correction is great, but we like to see the price up to 61% Especially because that region is a new support level, and is likely to test that level.
Seleme
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@MarketMinds, like is another thing, but 61% on 4th wave is very rare. Much rarer than 38%, which I am not sure happens only 38% of the time, specially in strong trends.