Like almost everything else in the crypto space, the proposed wave 4 for Vechain is deeper and has taken longer than I would like to see. Worth noting is that wave 3 didn't hit the full 1.618 extension either. Above is the bullish case but I also have a bearish case in mind that I will post early next week.
Key Points:
Wave 2: Hit high probability zone (0.618 fib)
Wave 3: Hit 2nd most likely extension (1.272 fib)
Wave 4: Retraced deep (0.5 fib)
Wave 5: Target $0.64 - $0.71
Wave C of the 4th wave correction only extended to 0.786 of A wave projected from the end of wave B.
Median line trade in play
The Trade:
Entry 1: Retest of the 1h 244 EMA
Entry 2: Breakout and retest of the 4h EMA once it had crossed bullish
Target 1: Median line ~$0.20 (80% probability trade as long as wave 4 pivot holds)
Target 2: 0.236 fib of wave 3 $0.64
Target 3: 1:1 of wave 1 projected from end of wave 4 $0.71
Stop 1: Break and close below 1h 244 EMA (Can re enter on any bullish break above the EMAs or any retrace to significant fib zones, but a break below the wave 4 low had me out of this trade to re assess)
Stop 2: Once the 4h 244, 169, 144 EMAs have crossed bullish and price is above, Exit position on the break close and test from below the 4h 244 EMA
*Note:
After looking at this again I realize the 4th wave correction should be labeled as a WXY correction instead of ABC- I also realize labeling as an WXY without putting it on the chart itself might confuse new traders and either way it doesn't change the outcome of the projections so I'll leave it as is for now!
Never Trust. Verify.
D.Y.O.R. Not Financial Advice Just an Observation.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Please be aware: these analysis take a considerable amount of time, consequently, I'm not taking any analysis requests.
Please respect my time and don't ask; because I feel bad when I have to reject you!
Key Points:
Wave 2: Hit high probability zone (0.618 fib)
Wave 3: Hit 2nd most likely extension (1.272 fib)
Wave 4: Retraced deep (0.5 fib)
Wave 5: Target $0.64 - $0.71
Wave C of the 4th wave correction only extended to 0.786 of A wave projected from the end of wave B.
Median line trade in play
The Trade:
Entry 1: Retest of the 1h 244 EMA
Entry 2: Breakout and retest of the 4h EMA once it had crossed bullish
Target 1: Median line ~$0.20 (80% probability trade as long as wave 4 pivot holds)
Target 2: 0.236 fib of wave 3 $0.64
Target 3: 1:1 of wave 1 projected from end of wave 4 $0.71
Stop 1: Break and close below 1h 244 EMA (Can re enter on any bullish break above the EMAs or any retrace to significant fib zones, but a break below the wave 4 low had me out of this trade to re assess)
Stop 2: Once the 4h 244, 169, 144 EMAs have crossed bullish and price is above, Exit position on the break close and test from below the 4h 244 EMA
*Note:
After looking at this again I realize the 4th wave correction should be labeled as a WXY correction instead of ABC- I also realize labeling as an WXY without putting it on the chart itself might confuse new traders and either way it doesn't change the outcome of the projections so I'll leave it as is for now!
Never Trust. Verify.
D.Y.O.R. Not Financial Advice Just an Observation.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Please be aware: these analysis take a considerable amount of time, consequently, I'm not taking any analysis requests.
Please respect my time and don't ask; because I feel bad when I have to reject you!
