NMCUSD made a significant low followed by trend reversal pattern ( Diagonal 5 wave impulsive ) which retraced almost 100% . I expect the up trend continue . It's highly possible for wave % to be extended and go to much higher levels, as seen in most cases around Crypto market.
Alright I see so basically the tails are to be ignored when counting, its all about the daily close (where the body ends)
edwardcryptoamos
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@DarkwolfSE, Not to be ignored!!!!!!!!! exception applies only on the case I explained!
DarkwolfSE
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do you mean these tails crazy extensions can many times mess with the real wave count?
edwardcryptoamos
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@DarkwolfSE, LOL, not mess, tails are where wave ended if that was the case, daily close is what is very important. 4th wave can not close the day candle in wave 1 territory !
DarkwolfSE
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Thanks for comment, I looked at daily though and wave 4 is stil overlapping, not sure what you mean
edwardcryptoamos
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@DarkwolfSE, wave 4 (pink) doji candle, closed the day much higher than top of wave 1 !!!!
DarkwolfSE
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I mean 4 overlapping 1
DarkwolfSE
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4 is overlapping 5, care to elaborate?
edwardcryptoamos
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@DarkwolfSE, as long as daily candle doesn't close over the close of wave 1 or wave 1 territory, rule is respected ! Thank you for the comment and good observation!!
One of the exceptions to the rule! Happens often in cryptos.