What was the RSI saying? Major downwaves don't start when RSI is at 40. Just a fakeout. More to the point Wave 5 is never longer than wave 3. I think wave 3 ended where you marked 5 and the pennant is wave 4. Wave 5 awaits. That would be consistent with XAU which is also starting wave 5.
GunMoney
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@Trendymanners, or bull fakes before they let go. RSI went down to 35, this is a just support being found. Still below key overhead trendline resistance. Look at the W or M fractal from 2008. Very similar pattern, it tanked, hard. Only time will tell. There are no guarantees. Wave 5 has not started, but it's trying to. I'm sticking with bearish until we break overhead resistance at $24.50-$25.00. Thanks
Trendymanners
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@GunMoney, Thank you for the considered and detailed reply. At least we are on the same page that Wave 5 has not started, and it is just a question of whether the pennant breaks upwards truncating Wave C or goes the whole way and makes a deep C. And just one more thought, we are back in the triangle again, with a little more time to go to get to the tip. It could run another 10 to 14 days looking at the progression. Thanks again.
GunMoney
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@Trendymanners, you might like this one. Very similar situation but opposite. It broke north of the pennant and I went long then it reversed and tanked. Same set-up here, just opposite movement LOL So if we surge I won't be too surprised. My metals portfolio is 75% physical and 25% miners. I sold all my miners and am going heavier into crypto, but I'm still a silver/gold bull medium long-term and won't even consider selling my physical for a while.
Trendymanners
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@GunMoney, I agree with your take on miners. Until the workers are vaccinated, who can guarantee production? I think scarcity is more likely, so physical is better until the bug is beat. Regarding your latest pennant I was on the same trade and got slammed by the general covid market crapout when I was trading Comex silver - good lesson. Yet I still have physical. I am expanding my big 4 of Gold, Silver, BTC and ETH with Dollar Cost Averaging. I am slowly looking at Alts, and have a small position in LINK and POWR. Researching Algo right now. I start with anything that AlanMasters suggests and DYOR it until comfortable. It is a slow process as I like to believe there is a real use case for each token. For example I still can't figure out Cardano despite it being hugely popular. I liked Vechain but got to it a bit late and am wondering if there is still potential. I use Coinbureau and Young and Investing as background they both do Youtubes and web material.
GunMoney
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@Trendymanners, yeah at this point I just trade price action. Don't really care much about the tech TBH. I did back in 2017 before that rally, but then got too attached to tokens and then watched my 85K profit get burned by 75% in a month or two LOL So now I just trade price action. That's it. I follow hype coins because that's what people pump. I went in NU on coinbase last night at $0.107 and sold today at $0.191. I don't even have any idea of what NU is? I just saw it open on CB at $0.15, sell off to $0.10, thought it was a decent looking bottom, and bought a couple G worth and sold with 80% profits in 15 hours. What's NU Cypher? LOL