I'm posting this as honest journaling for myself, and to join some different TA techniques together & see how they perform.
I haven't used time fib extensions in the past..
I think we're at the bottom of the 4th wave, with the impulsive 5th wave soon to follow.
Targets are based on fib extensions, however follow the elliot wave rules also. The 5th wave could potentially extend further as it only marginally is larger than the third wave currently (at TP 1). Note: In elliot waves the 5th wave must be larger (and more impulsive) than the 3rd wave.
Other points:
Passing above the 10H & 40H will begin the uptrend (as in the 3rd wave when it became support on the move up).
RSI bullish divergence.
Dalin (HAI) showed the same wave count!
The green trend lines are support (obviously).
I haven't used time fib extensions in the past..
I think we're at the bottom of the 4th wave, with the impulsive 5th wave soon to follow.
Targets are based on fib extensions, however follow the elliot wave rules also. The 5th wave could potentially extend further as it only marginally is larger than the third wave currently (at TP 1). Note: In elliot waves the 5th wave must be larger (and more impulsive) than the 3rd wave.
Other points:
Passing above the 10H & 40H will begin the uptrend (as in the 3rd wave when it became support on the move up).
RSI bullish divergence.
Dalin (HAI) showed the same wave count!
The green trend lines are support (obviously).
Comment:
Healthy bounce of lower trend-line. No need to panic sell. However for upside movement the downtrending resistance needs to be broken. If it isn't broken, this could be a small dead-cat bounce (bear flag) before more downside continuation. I am holding and expecting a break of the resistance and then a move above the MAs. Will sell if low of 0.0166 is broken, but will keep you updated!
Comment:
Optimistic charting but things still look healthy. Currently the 40H EMA is resistance but ideally it'll play out like so:
