We're coming up to our final support, and if we are to trust the theory, we should bounce off this point. The point being the 1:1 extension to complete our ABC down for wave 4, which would line up nicely with the fundamentals (Colins livestream, Binance Comp, and the Nano Wallets), but nano has seen extremely strong selling pressure, 2 steps forward, 3 steps back.
BEAR SCENARIO: If we do break below the 1:1 for our "C", we may travel right back to our trendline (red line), and if we break through that then NEW LOWS.
BULL SCRENARIO: Trust the theory, 1:1 bounce as I am expecting we should, hence why in my first Nano chart I give a range (green box) in between the 50% and the 38.2%. The 38.2% finds perfect confluence with our 1:1 ABC pull down, as shown in this chart.
Finally we are beginning to round out...unless we see another parabolic stab down, but at this point we're rounding out, hence my curvy arrow to send us back up.
BEAR SCENARIO: If we do break below the 1:1 for our "C", we may travel right back to our trendline (red line), and if we break through that then NEW LOWS.
BULL SCRENARIO: Trust the theory, 1:1 bounce as I am expecting we should, hence why in my first Nano chart I give a range (green box) in between the 50% and the 38.2%. The 38.2% finds perfect confluence with our 1:1 ABC pull down, as shown in this chart.
Finally we are beginning to round out...unless we see another parabolic stab down, but at this point we're rounding out, hence my curvy arrow to send us back up.
Comment:
**NOT financial advice, just sharing what I am seeing**