I believe we just finished Wave II correction (red arrow), as we touched 0.618 fib retracement and then bounced off of it.
Now it seems like we've started
- the Major Wave III
- the wave (1)
- minor wave 1 and minor wave 2 which I believe is also done correcting nad now we are heading towards minor wave 3.
Targets for the minor wave 3:
1. Blue - 1:1
2. Green - 1:1.618
Looks like we've also found decent support on the 8MA (BLUE) and now testing 21MA (RED) for another support.
Grand scheme of things and bigget targets for the wave III
21MA breakout confirmed (2 candles closed above).
Looks like we've found a decent support, the next target to break is 55MA (pink).
Apparently, correction was not over. We've reached the Golden Pocket area.
We might see more downtrending to come. Perhaps even down to 0.786 fib of tha major wave II.
As it seems to me it looks I was wrong. And it turns out to be more bullish than I thought.
We are in the wave 3 (no 5 as I thought).
That mean we should ride it till the channel resistance.
We're on the LOOM chart. Anyways, back to GNT. It's reached 0.618 levels (algo) which indicates a possible bounce and strong support.
"I believe GNT is now trying to make a move.
Waves count as on the attached picture.
And no, wave 2 did not ovelapped wave 1. It retraced 98-99%.
I trupple checked under the mircoscope"
I recon it did not held due to BTC sudden move down. Alts are heavily tied down to BTC.
Now we might be facing a drop to 0.786, which is super bearish scenario.