Hi all, thanks for viewing.
I thought I would post again update my previous post prediction SC will reach support at 0.0000077. That target was slightly overshot but held and we saw a reassuring impulse wave up. That small impulse wave is about to correct now due to:
- Long upside wick indicating rejection of the bears / profit taking.
- Wave 3 isn't the shortest - it met an almost exact 1:1 extension of wave 1.
- Wave 5 exceeded the 1.618 wave 1 extension (which is a normal fib extension target - so it wasn't truncated (which would indicate weakness). It was actually the strongest of the 3 waves up).
- BTC is also about IMHO about to correct ~ 5 - 10% before starting on a bull run (yes it is annoying when BTC is showing bullishness and alts drop and they also drop when BTC corrects. But the good news is they are much closer to being in phase recently).
Caution: There was a small incursion of wave 4 wicks into the wave 1 territory on the 60 minute chart. I will accept that and don't believe that invalidates the impulse move as the incursion wasn't significant and was only short-lived.
I can't give you a prediction on how deep the correction in SC will be - I suspect it will not be a deep correction and also I feel that this support will hold. In this post I put the retracement at 0.618 of the impulse move - which is purely speculative at this stage. If this small impulse wave turns out to be wave 1 in a new larger-degree impulse wave, then 0.00000113+ for wave 3 and 0.00000133 (+40%) is a reasonable target for the end of the impulse wave (without extensions) over the next couple of weeks.
I hold (not a large amount) of SC and also mine SC (I don't liquidate my SC in order to pay mining costs but instead add to my holdings) and am medium term to long term bullish on SC because, is one of the few coins with revenue, and has solid use case (it has a chance to the disrupt cloud computing industry). Because of this I don't trade SC speculatively.
I thought I would post again update my previous post prediction SC will reach support at 0.0000077. That target was slightly overshot but held and we saw a reassuring impulse wave up. That small impulse wave is about to correct now due to:
- Long upside wick indicating rejection of the bears / profit taking.
- Wave 3 isn't the shortest - it met an almost exact 1:1 extension of wave 1.
- Wave 5 exceeded the 1.618 wave 1 extension (which is a normal fib extension target - so it wasn't truncated (which would indicate weakness). It was actually the strongest of the 3 waves up).
- BTC is also about IMHO about to correct ~ 5 - 10% before starting on a bull run (yes it is annoying when BTC is showing bullishness and alts drop and they also drop when BTC corrects. But the good news is they are much closer to being in phase recently).
Caution: There was a small incursion of wave 4 wicks into the wave 1 territory on the 60 minute chart. I will accept that and don't believe that invalidates the impulse move as the incursion wasn't significant and was only short-lived.
I can't give you a prediction on how deep the correction in SC will be - I suspect it will not be a deep correction and also I feel that this support will hold. In this post I put the retracement at 0.618 of the impulse move - which is purely speculative at this stage. If this small impulse wave turns out to be wave 1 in a new larger-degree impulse wave, then 0.00000113+ for wave 3 and 0.00000133 (+40%) is a reasonable target for the end of the impulse wave (without extensions) over the next couple of weeks.
I hold (not a large amount) of SC and also mine SC (I don't liquidate my SC in order to pay mining costs but instead add to my holdings) and am medium term to long term bullish on SC because, is one of the few coins with revenue, and has solid use case (it has a chance to the disrupt cloud computing industry). Because of this I don't trade SC speculatively.
Trade closed: stop reached:
Wave 3 target hit, however, retracement into wave 1 territory invalidates this analysis.