Once again, this is me practicing TA. This is only based on Elliot Waves, Fib, and chart patterns. I am gradually integrating other factors as I progress in my TA. I am publishing these to have a record so I can track my progress.
Comment:
I made a couple of changes here. I currently feel that I will be better served using the candles and not the wicks for drawing trend lines, so I've done that here. I also have changed the fib in the same manner. Based on these changes, I note that the latest dip hit dead on the .618 fib. Good stuff. Also, I noticed that the correction is either over or continuing, depending on which degree you look at it from. Atm I feel that the current price increase is wave B of the continuing correction, but it is also possible that we have entered wave 1 of the next cycle. I'm still not integrating other factors; I will do that later today or tomorrow after further study.
Comment:
Oh yeah, almost forgot that this could actually be the beginning of wave 3 on the larger degree, assuming that the previous bull run was wave 1 of the larger degree. That would put the recent drop as part of wave 2 of said degree. The fact that it retraced .618 of the major gains lends credence to this. The channel doesn't look as crisp this time but I need to be consistent with my methods. Perhaps I will keep drawing alternates on wicks and candles to gain more insight on TA as a whole.
Comment:
I can't show it on the graph, but I believe that POE will hit somewhere around 2500 sats on wave 3. This isn't pure speculation, but it isn't pure prediction either. I hope I am right but we will see in a week or 2.