VET is showing clear upside price divergence against Bitcoin falling and this is a considerable show of strength. If price remains in this corrective area as Bitcoin descends then it will likely be a continuation pattern for a next wave up. I've plotted a possible elliott wave count and a penultimate with wave projection of $1.53! Invalidation is below the wick down at $0.13
I am surprised by what is happening and it will probably be true for other coins if i is for VET, but VET seems particularly strong right now.
I still maintain that alts will suffer very large losses from wherever their top is, but things are becoming less black and white and lets see what happens. Its a very interesting juncture.
I'll be waiting to see how Bitcoin behaves and if VET holds up I'll make an entry.
Not advice.
I am surprised by what is happening and it will probably be true for other coins if i is for VET, but VET seems particularly strong right now.
I still maintain that alts will suffer very large losses from wherever their top is, but things are becoming less black and white and lets see what happens. Its a very interesting juncture.
I'll be waiting to see how Bitcoin behaves and if VET holds up I'll make an entry.
Not advice.
Comment:
At current price this trade has a risk/reward RR ratio of 30!
Comment:
VET broke through invalidation at 0.13 so its now in no-mans-land and 0.13 is now resistance. We'll just have to see how it does over the next few days. If it can push back above 0.13 then the next wave up could be on. If not it topped and my other outcome will be on.
Comment:
Updating my other VET thread from here as I'm taking the bearish stance.
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