Stacks has bottomed at the 0.618 Fibonacci retracement

STXUSDT has put down a textbook 0.618 Fibonacci retracement correction on the weekly chart.

  • In my Elliott Wave count, the last impulsive wave was a truncated fifth. In a new wave count, the retracement to the 0.618 Fibonacci is a corrective wave 2. Such a correction is not unusual for a corrective Wave 2.

  • The Tom Demark ( TD ) Sequential Indicator indicates a 9-candle count. This usually means that a bottom has been reached and a trend reversal will occur. It indicates a set-up to take a position in the market.

  • I have additionally used the Chris Moody Indicator "RSI Strategy Lower". This indicates by means of the RSI that a bottom has been reached. This can also be seen by the formed horizontal green line; this is now starting to move upwards.

If STXUSDT is preparing for an impulsive wave 3, interesting times are coming...


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