Vechain has printed a nice rally in its chart that so far has yielded a third wave, currently correcting in wave four. This market may expect to continue its rise in wave five, as depicted.
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A most typical fourth wave correction retraces its third wave by 38.2%. VET has already accomplished another common mark of 23.8%. It is entirely possible, that we could see another drop to the lower level. In either case we might expect the ensuing fifth wave to meet the size of wave three at the 3.816 extension of wave one.
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Following up on the last aspect, we now have some more market data in, from which it seems likely that this is going to taken another step downward. The price action here on top of the 23.6 per cent Fib line is just not bullish, in fact it looks like to be forming a triangle to continue the correction lower.
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How wrong I was about the immediate direction at this step. First possibility of immediate continuation is on.
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You have to be patient to judge the markets. Both of my choices were justified, and the result is a sort of median outcome.
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It looks that VET is building a base here above the 38.2% level. In the end it will probably be bitcoin that is the driver to move this market as well.
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The market behaves like the correction is finished.
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The current chart shows four of the five waves of an impulse completed. Pick your target for the move up. The length of the green arrow is the size of wave three, just one of possible candidates.
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The 200-period MA on the hourly is always a good guide for support. It signaled me that the correction is done.
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Subwave (i) of wave 5 should come in at about $0.049, and wave (iii) at 0.062, but the latter still depends on more market data.
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VET is on the move north finally.
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The pair has broken well above five cents now, and has eclipsed the wave three peak. Trade is pretty well into profits.
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VET has caught BTC’s wind and is sailing this morning. 52 cents.
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With the stormy weather in BTC country, VET has been whipsawed a bit too, going to 54 cents and back to 47. But corrections are good to keep a balance. Proceed the course.
@Kothakapu, well, the chart looks disappointing so far, I agree. But we have to be patient as Alt-season is really just beginning in a broader context. So far it has mostly been the meme coins that have prospered, literally exploded. Value coins take longer, investors focus on them once the emotional and popular themes cool off a bit.
remyrebels
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Seems Vechain is on schedule for bullish continuation
unbeldi
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@remyrebels, thumbs up. But I can still see a possible continuation of the correction.
unbeldi
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Price has moved above the correction zone.
unbeldi
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this needs to keep moving.
basictradingtv
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Good luck with the open trade now. But I don't know about crypto atm...
MyCryptoParadise_Nathan
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we can expect great movements after the pullback in overall crypto market.
ParabolicP
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ParabolicP
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@ParabolicPanic this is a Wyckoff accumulation though I have charted many of these with 100% success