So our supports held but weren't enough for a reversal. Which leads me to give a new count, and our red trendline is in the wind. SO WHEN WILL THE SELLING STOP??
ANSWER: The highest probability target always for an abc correction down, Is that C is most likely 100% of A = 1:1 extension. And since when have our A&B which are in, we have targets to pull from. And when we do, we find PERFECT confluence with our lowest point (Red horizontal trendline / APRIL REVERSAL) before we began trending up. Which adds more evidence to our A&B having completed, and now we're on our final leg down to complete our C.
EVIDENCE FOR OUR 5 WAVE COMPLETION = Our waves 3 & 5 have hit their respective 100% and 161.8% targets.
GOOD NEWS? : Well because our 5 waves are in, it becomes a big wave 1, which means we can do a fib pull for ALL of this big wave 1. And what we find, is a lot of correlation between that fib pull, and the trend fib pull from our waves A&B to find our wave C!
So we would target a 1:1 extension for our C, except, the odds of hitting the 1:1 in this case for our C gets DRASTICALLY SMALLER, because 2 cannot fall 100% of wave 1!
SO our chances of a bounce here right now, at the 0.618 pull from the A&B goes up, BECAUSE we find its correlated with the 0.786 target of the entire wave 1! WHICH IS THE HIGHEST PROBABILITY TARGET for a DEEP 2 (purple 2) retracement!
Will we bounce here? Maybe? But we also have to remember when we are doing our analysis, that everything always goes back to being nicely correlated with the BITCOIN CHART which had a nice NEWS RELATED DUMP which triggered a dump on our NANO chart among other charts, which led to us breaking OUR RED TRENDLINE SUPPORT ON MY PREVIOUS CHART.
ANSWER: The highest probability target always for an abc correction down, Is that C is most likely 100% of A = 1:1 extension. And since when have our A&B which are in, we have targets to pull from. And when we do, we find PERFECT confluence with our lowest point (Red horizontal trendline / APRIL REVERSAL) before we began trending up. Which adds more evidence to our A&B having completed, and now we're on our final leg down to complete our C.
EVIDENCE FOR OUR 5 WAVE COMPLETION = Our waves 3 & 5 have hit their respective 100% and 161.8% targets.
GOOD NEWS? : Well because our 5 waves are in, it becomes a big wave 1, which means we can do a fib pull for ALL of this big wave 1. And what we find, is a lot of correlation between that fib pull, and the trend fib pull from our waves A&B to find our wave C!
So we would target a 1:1 extension for our C, except, the odds of hitting the 1:1 in this case for our C gets DRASTICALLY SMALLER, because 2 cannot fall 100% of wave 1!
SO our chances of a bounce here right now, at the 0.618 pull from the A&B goes up, BECAUSE we find its correlated with the 0.786 target of the entire wave 1! WHICH IS THE HIGHEST PROBABILITY TARGET for a DEEP 2 (purple 2) retracement!
Will we bounce here? Maybe? But we also have to remember when we are doing our analysis, that everything always goes back to being nicely correlated with the BITCOIN CHART which had a nice NEWS RELATED DUMP which triggered a dump on our NANO chart among other charts, which led to us breaking OUR RED TRENDLINE SUPPORT ON MY PREVIOUS CHART.
Comment:
**NNOT FINANCIAL ADVICE, JUST SHARING WHAT IM SEEING**
Comment:
We are headed towards the 1:1 extension to complete our C. Again like I said, in order to find "C" you always want to target 1:1 from wave A.
Unfortunately If we touch it, and go though the 1:1, we have to count this as a correction and not an impulse, so the 5 waves up becomes A. Because our wave 2 down would have retraced 100% of wave 1...
Unfortunately If we touch it, and go though the 1:1, we have to count this as a correction and not an impulse, so the 5 waves up becomes A. Because our wave 2 down would have retraced 100% of wave 1...
For nano, until we drop below the 0.00068 sat range, I'm still bullish and will be looking where wave 2 will finish.
(WHY the 0.00068 sat range? Because that will mean we will have retraced 100% of wave 1, which will mean we have an impulse wave failure, and will be continuing our correction)