What's up TradingView!
As the crypto market is generally overextended right now, a pullback seems imminent. With TRX it seems like the closest wave count indicates we could be entering wave (4) of wave ((3)) soon, given that the SMI and RSI are pulling back from the overbought area in the 4H chart. If this is indeed the top, I am looking for a retracement to the 23.6% - 50% levels, particularly the 38.2% level. This has support from the uptrend line and also the 50 EMA.
I’ve used the 161.8% extension of wave ((1)) for one target for wave ((3)) @ $0.075. This coincides with the target of wave (5) of wave ((3)) using the 261.8% extension from wave (1) of wave ((3)).
This count is up for debate as we haven’t completed the wave structure yet and there simply isn’t enough information. This idea fits the description and given that BTC, the curator, looks poised for a pullback, we can expect it here too. The depth of the pullback is important to know where we can expect the next move to end. If we go below $0.44 then it will negate this count and I would looking for a bounce at the longer support line. But for now let’s ride this and find some killer trades!
Thank you for taking you time to read this! Please feel free to comment or ask questions. If you feel like this added value to you then please give it a like/give me a follow!
You can follow me through this link -> www.tradingview.com/u/JoshThomas04/
As the crypto market is generally overextended right now, a pullback seems imminent. With TRX it seems like the closest wave count indicates we could be entering wave (4) of wave ((3)) soon, given that the SMI and RSI are pulling back from the overbought area in the 4H chart. If this is indeed the top, I am looking for a retracement to the 23.6% - 50% levels, particularly the 38.2% level. This has support from the uptrend line and also the 50 EMA.
I’ve used the 161.8% extension of wave ((1)) for one target for wave ((3)) @ $0.075. This coincides with the target of wave (5) of wave ((3)) using the 261.8% extension from wave (1) of wave ((3)).
This count is up for debate as we haven’t completed the wave structure yet and there simply isn’t enough information. This idea fits the description and given that BTC, the curator, looks poised for a pullback, we can expect it here too. The depth of the pullback is important to know where we can expect the next move to end. If we go below $0.44 then it will negate this count and I would looking for a bounce at the longer support line. But for now let’s ride this and find some killer trades!
Thank you for taking you time to read this! Please feel free to comment or ask questions. If you feel like this added value to you then please give it a like/give me a follow!
You can follow me through this link -> www.tradingview.com/u/JoshThomas04/
Comment:
As with a few other coins I've looked at this morning, TRX is making a small triangle formation. Now, we could break either way but I am leaning towards a break downwards as we are due a small correction. A break downwards would take us near the 50% retracement level of wave (3) which offers a great area to find an entry.
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Wrong chart lol
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Price has broken up! If we can get past the red resistance line, we could well be on our way to the target!
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And we smashed through the resistance and hit our target! Now, I am waiting for a pullback to add to my position with $0.075 as the end target.
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Well we have hit our target in spectacular fashion! I thought we would need a bigger retracement before going there but the bulls have applied the pressure which begs the question: Is this the end of the fifth wave?
My analysis so far tells me we could end here and it would fit Elliott Wave theory however there is room to go further. I did call for this to be the top in BTC and if it is true then this is most likely to be the top for TRX.. for now!! If it is the top then I would be looking for reversals around the pink lines. Also would like to mention, target for formations such as triangle sometimes become a new support area when broken look out for this.
My analysis so far tells me we could end here and it would fit Elliott Wave theory however there is room to go further. I did call for this to be the top in BTC and if it is true then this is most likely to be the top for TRX.. for now!! If it is the top then I would be looking for reversals around the pink lines. Also would like to mention, target for formations such as triangle sometimes become a new support area when broken look out for this.
Comment:
Triangle formation forming... My target for retracement is still $0.06 which combines the 38.2% retracement level and our previous triangle target.
