Hello again, friends!
Here is one final look at what is going on with NANO.
This is actually what I originally thought when I saw how quickly the ABC correction came after the 5 moves up. I was thinking man that was a short correction (if that was the correction), because I was originally targetting the golden zone 618 to 65 retracement regions. However, after a few days, I fomo'd into the uptrend. I still do not regret this decision! There were definitely profitable trades to be made during the correction.
However, now that I am looking at a larger picture on a 4 hour chart, I am wondering if this correction isn't finished yet. Here are some key things to note - IT IS LEGAL in Elliot wave to count the potential B wave as a leading first wave diagonal. That is just fancy talk for allowing Elliot Wave-er's to count waves where the 4 overlaps the 1 and the 5 is really short and blah blah blah. It essentially just means it is a very ugly impulse wave. Which I would totally agree with. If my labeled A wave was the bottom, this would be an ugly move up. What is interesting is that you can also count what appears to be the diagonal as a 3 wave into the B. Usually people who label diagonals do it as an afterthought if something breaks up.
I am getting off topic though. To make this short and sweet, there is definitely some confluence down at the 618 / 65 retracement levels. Mainly, it is the golden pocket (always a good trade) it would make more sense to have a multi-day correction than a multi-hour correction, and finally (most importantly) if we draw an extension from the A low to B high, we see a perfect C wave extension of 100% RIGHT IN the golden zone. That's some serious confluence right there.
Now I am definitely not calling this as what is going to happen. I am still in a trade on NANO, and I would love to break up! But I will definitely have some spare BTC set aside incase we don't reach new all-time highs. We could very well have a leading first wave diagonal and reach new highs in the next day or two, I am just pointing out that if we don't, this could be a good reference of where we may be going! Be safe, happy trading!
Here is one final look at what is going on with NANO.
This is actually what I originally thought when I saw how quickly the ABC correction came after the 5 moves up. I was thinking man that was a short correction (if that was the correction), because I was originally targetting the golden zone 618 to 65 retracement regions. However, after a few days, I fomo'd into the uptrend. I still do not regret this decision! There were definitely profitable trades to be made during the correction.
However, now that I am looking at a larger picture on a 4 hour chart, I am wondering if this correction isn't finished yet. Here are some key things to note - IT IS LEGAL in Elliot wave to count the potential B wave as a leading first wave diagonal. That is just fancy talk for allowing Elliot Wave-er's to count waves where the 4 overlaps the 1 and the 5 is really short and blah blah blah. It essentially just means it is a very ugly impulse wave. Which I would totally agree with. If my labeled A wave was the bottom, this would be an ugly move up. What is interesting is that you can also count what appears to be the diagonal as a 3 wave into the B. Usually people who label diagonals do it as an afterthought if something breaks up.
I am getting off topic though. To make this short and sweet, there is definitely some confluence down at the 618 / 65 retracement levels. Mainly, it is the golden pocket (always a good trade) it would make more sense to have a multi-day correction than a multi-hour correction, and finally (most importantly) if we draw an extension from the A low to B high, we see a perfect C wave extension of 100% RIGHT IN the golden zone. That's some serious confluence right there.
Now I am definitely not calling this as what is going to happen. I am still in a trade on NANO, and I would love to break up! But I will definitely have some spare BTC set aside incase we don't reach new all-time highs. We could very well have a leading first wave diagonal and reach new highs in the next day or two, I am just pointing out that if we don't, this could be a good reference of where we may be going! Be safe, happy trading!