Ugly Wave 1

Well it was an ugly sub wave 1 and confusing as hell. Up or Down Nano?? Not an inspiring start to the larger wave 3, but still the potential is there and the risk is small at this entry point.

Entry: .0014200
Stop Loss: .0012999
Target: .0019500 - .0023000
7.5% loss if stopped out.
37.5% - 62% Possible gains, depending on your target.

Proceed with caution. DYOR. I'm not a financial advisor.

Good luck

Comment:

Now we have an ugly correction with a truncated C wave, which can be seen sometimes as a bullish signal. But it's followed by an ugly, weak sub wave 1 up, which just means there are stupid, impatient bulls ruining this run by not letting NANO correct fully to find solid support. It also doesn't let experienced traders reload and buy back in at the levels they want. These impatient bulls are emotional and therefore will likely turn to panic sellers very easily when experienced traders don't buy at these higher levels.

If this starts to go down, I doubt .0014600 will act as support again. The last two support levels before this whole thing is a wash is .0014000 (unlikely) and .0013100. If we pass .0012850 this run is officially a failure. I like .0013100 as the possible point for the bounce because it might get rid of the emotional buyers so they can stop messing with the momentum. Then they can buy back in where I want to sell. :D

Comment:

To my surprise .0014600 has held. There is a buying opportunity here to see if it'l break out of this triangle pattern positively.

Stop Loss is .00143500

Comment:

Finally I get it! It was a large and confusing ABC correction where the B wave actually surpassed the top of wave 1. A and C waves double bottomed right at .0012850, which keeps this impulse still in play. We should see a strong move upward. .0019500 is still the target.