OMGUSD Wave 1 of Third Wave Primary Count + Invalidation Level
BINANCE:OMGUSD
I am considering the March-August Rally as completion of Primary Wave 1, followed by a 74.71% Retracement ABC Correction to $2.4852 precisely, reaching just shy of the 78.6% Fibonacci Level.
Considering OMG Rallied from $0.2972 up to $9.86, we have experienced a healthy correction. If in fact you only measure the retracement from March low to only using the real body close of rally with H4 chart($7.52) then we can measure a 67% retracement. However, I favor the wicking-off of the measurement(74.71%). In any case, a healthy correction...moving on;
I feel that Wave Three has begun, and we are putting in the sub-division 4th-of-the-1st for Primary Wave 3, it is imperative that we do not retrace to the 61.8% Fibonacci Level.
If OMG reaches the 61.8% Fib. Level($3.2317) it will then overlap the 1st Wave Sub-Division($3.28), and technically invalidate the Wave Count by just a marginal amount, but for purists, this is set in stone! At that point, we should consider the count arbitrary, and not purist by a fraction of $.05cents. Very Technical Argument!
Also, the 50% Fib lines up neatly with the local trendline offering a confluence of local support! Perhaps the 61.8% is slightly front-run, to complete the local correction before resuming the upward momentum?
I will continue to update OMG as it plays out!
Previously, I had published an OMG chart that was flagged for removal, as it violated terms and conditions. I was ignorant of my promoting an off-site platform. In that publication I had noted that should OMG be in the count I think we are in, and with a Primary Wave Extension, I measure a standard 3 Wave Extension of 161.8%, using coordinates of March Low/August Swing High/September Pivot Low...
The 161.8% Extension Target for Primary Wave 3 is..........wait for it;
$17.90
Sorry if the linked idea is unavailable!
I am considering the March-August Rally as completion of Primary Wave 1, followed by a 74.71% Retracement ABC Correction to $2.4852 precisely, reaching just shy of the 78.6% Fibonacci Level.
Considering OMG Rallied from $0.2972 up to $9.86, we have experienced a healthy correction. If in fact you only measure the retracement from March low to only using the real body close of rally with H4 chart($7.52) then we can measure a 67% retracement. However, I favor the wicking-off of the measurement(74.71%). In any case, a healthy correction...moving on;
I feel that Wave Three has begun, and we are putting in the sub-division 4th-of-the-1st for Primary Wave 3, it is imperative that we do not retrace to the 61.8% Fibonacci Level.
If OMG reaches the 61.8% Fib. Level($3.2317) it will then overlap the 1st Wave Sub-Division($3.28), and technically invalidate the Wave Count by just a marginal amount, but for purists, this is set in stone! At that point, we should consider the count arbitrary, and not purist by a fraction of $.05cents. Very Technical Argument!
Also, the 50% Fib lines up neatly with the local trendline offering a confluence of local support! Perhaps the 61.8% is slightly front-run, to complete the local correction before resuming the upward momentum?
I will continue to update OMG as it plays out!
Previously, I had published an OMG chart that was flagged for removal, as it violated terms and conditions. I was ignorant of my promoting an off-site platform. In that publication I had noted that should OMG be in the count I think we are in, and with a Primary Wave Extension, I measure a standard 3 Wave Extension of 161.8%, using coordinates of March Low/August Swing High/September Pivot Low...
The 161.8% Extension Target for Primary Wave 3 is..........wait for it;
$17.90
Sorry if the linked idea is unavailable!
Comment:
About time to concede failure! It's perpetually risky to maintain Bullish on Alts while holding a Neutral/Bearish(near term) perspective on Bitcoin!
Break below $3.28 invalidates the impulse sub-wave.
Break below $3.28 invalidates the impulse sub-wave.
I Maintain the Bullish Bias.