Moving on to the technical aspect:
As far as wave count, it seems quite straight-forward. The price action appears to be following a key tenet: the 4th waves are not dipping past the top of the 1 waves and in fact seem to be finding strong support, enforcing the notion that it is exhibiting EW behaviour.
One aspect that I'd like to point out is what appears to be a nice repeat of the downtrending wave. Denoted by the areas contained within the vertical dotted lines, we can see nearly identical moves. The first is several orders of magnitude smaller than the second because it is in a lower cycle, contained within the larger 1-2-3-4-5. I have also pointed out what appears to be an expanding . These can be tricky to play due to the higher high made, and can fool some traders. For a clearer visual on what the 'textbook expanding flat' looks like, go here: https://ewmizone-kivv0apgntrwrwvhv.netdn...
The also gives us some nice confirmation:
- The peak generally occurs during the 3rd wave on larger timeframes. On lower time frames, the throughout the 5th wave makes a new high confirming the idea that the move is the 5th wave, and on the higher timeframes it confirms truncation.
- The experienced a hard bounce, creating a nice at all time low.
- The present movement, highlighted in pink, indicates hidden divergence.
Overall, I believe SALT will be a good altcoin to watch over the next few weeks/months. Remember to DYOR, and good luck trading!