I published a TA on SC a few weeks ago predicting a 1:1 wave C extension at least. That happened, but as you can see it overshot 1:1 slightly. So that prompted me to search for other support levels.
SC is currently doing a small bounce. Time will tell if that is the foundation of more stable growth. But it has reached some key levels:
- It bounced right on reaching the 2.618 fib extension of wave i (of wave C), This fib extension was deleted to remove clutter.
- The above level was also co-located with a 1.618 of the first wave (of the fifth wave in wave C) level.
I would call this as a reasonable and plausible support level for SC. Now if only people would stop capitulating :) Time will tell.
Sorry, no up-side targets as yet. I will be watching for a definitive bounce given that SC is on sale.
Disclaimer: I own and also mine SC. I think, given the tentative stability of BTC I am looking to add more SC if support holds.
SC is currently doing a small bounce. Time will tell if that is the foundation of more stable growth. But it has reached some key levels:
- It bounced right on reaching the 2.618 fib extension of wave i (of wave C), This fib extension was deleted to remove clutter.
- The above level was also co-located with a 1.618 of the first wave (of the fifth wave in wave C) level.
I would call this as a reasonable and plausible support level for SC. Now if only people would stop capitulating :) Time will tell.
Sorry, no up-side targets as yet. I will be watching for a definitive bounce given that SC is on sale.
Disclaimer: I own and also mine SC. I think, given the tentative stability of BTC I am looking to add more SC if support holds.
Comment:
Oh no, that note on the chart should say "100% retracement - but *no* more than 100%"