NewWave_Traders

Have You Seen The Potential Of OMG/USD?

Long
KRAKEN:OMGUSD   OMG / USD
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Let's Talk OMG/USD...

Both counts I'm following for OMG are corrective counts that have further downside. The difference between the 2 counts however is the short term move towards 5$ prior to dropping. So far the B wave to 5$ is shallow for a B wave and hasn't even hit the .618 so this is likely the count I'm biased towards as it is the most probable given these acknowledgements.

I'm targeting the 1:1 extension because it lines up nicely with the previous support level and is a highly probable extension to get hit, so there will def. be buy interest there, however from a Fibonacci standpoint we only need to hit the .618 ext in purple. Tagging the 2.46 low for a double bottom .

That leads me to my next point, I don't think the 1:1 will get tagged if the bulls defend the low of 2.46. If we break under the 2.46 with a 4hr close then It's highly likely we continue to the 1:1 ext .

In summary, Longs above 2.46 seem like the strongest options for trade setups, however I'd like to see the reaction at 2.46 first and then happy to step into the trade as the upside has a great R:r.

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Comment your thoughts below. Don't be shy!
Comment: the red channel proved to just be for an abc flat. We have tagged the .618 ext, but not the 1:1 for the drop down, which means the minimum extension has been hit, but not the most probable 1:1. We need to see bulls break 3.56 to the upside to help with further continuation from there.
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Comments

Watching this closely. Thanks for the update Hippo!
Reply
Great update. Looks good. Let's see how it goes.
Reply
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