Quick Trade
QSP has broke out of it's symmetrical triangle formation.
Entry point is around now 0.00001890
Resistance
Fib 0.5 (0.00001952)
Fib 0.618(0.0000201)
Fib 0.786(0.00002119)
expecting the breakout to reach about Fib 1.272 (0.00002403)
Set your sells for a bit below these points of resistance to take profit.
Stop loss around 0.00001800
QSP has broke out of it's symmetrical triangle formation.
Entry point is around now 0.00001890
Resistance
Fib 0.5 (0.00001952)
Fib 0.618(0.0000201)
Fib 0.786(0.00002119)
expecting the breakout to reach about Fib 1.272 (0.00002403)
Set your sells for a bit below these points of resistance to take profit.
Stop loss around 0.00001800
Comment:
the second wave has formed in the breakout, here is my guess at its trajectory
Comment:
update: A little calculation error from before in the original post. Target should be Fib 1 (0.00002244) not Fib 1.272 (0.00002403) ty
Comment:
So far so good, took some profit at the recent high
Also realized I counted the first group of waves wrong. I am running on little sleep, but am confident about this current pattern.
Also realized I counted the first group of waves wrong. I am running on little sleep, but am confident about this current pattern.
Comment:
this has more movement than I thought. Looks like it is testing the FIB 0.786.
Wave 3 is usually the longest wave, I expect it to reverse trends soon to wave 4, which should not overlap with the prices of wave 1. More to come
Wave 3 is usually the longest wave, I expect it to reverse trends soon to wave 4, which should not overlap with the prices of wave 1. More to come
Comment:
We are seeing some support at the Fib 0.5 level as expected (see my previous update, i posted it as a comment by accident).
I would wait for more confirmation on a green closed candle in the 2hr or 4hr before buying in for wave 5, to be safe.
We are seeing some support at the Fib 0.5 level as expected (see my previous update, i posted it as a comment by accident).
I would wait for more confirmation on a green closed candle in the 2hr or 4hr before buying in for wave 5, to be safe.
Comment:
Here is an update on the QSP breakout. It looks like it completed the Elkiot wave a lot faster than I thought it would, so I re-labbeled the waves, now it looks like it is finishing the corrective a-b-c. It's finding good support at around the Fib 0.618 retrace, wave c maybe finding support at Fib 0.5. If it holds, there may be a chance it will continue the upwards momentum, given the bullish 50EMA/200EMA crossover.
Here is an update on the QSP breakout. It looks like it completed the Elkiot wave a lot faster than I thought it would, so I re-labbeled the waves, now it looks like it is finishing the corrective a-b-c. It's finding good support at around the Fib 0.618 retrace, wave c maybe finding support at Fib 0.5. If it holds, there may be a chance it will continue the upwards momentum, given the bullish 50EMA/200EMA crossover.
Comment:
that last update had a crappy image with the label blocking everything. Here is a better view: