WAVESUSD This time is different...

Waves (WAVESUSD) has posted an incredible rally ever since the February Low and made yesterday a new All Time High. Needless to say that the $43.00 target we suggested in our most recent idea, was hit:


What we should focus on now is the 1D Golden Cross (when the 1D MA50 crosses above the 1D MA200), which was formed yesterday. This pattern is technically bullish, however the last two formations (January 06 2019 and February 09 2020) marked strong corrections instead of bullish trends. We can argue though that Feb-March 2020 was a 'Black Swan' event, the COVID pandemic crash, which is an irregularity happening outside the technical borders.

During these Golden Cross formations though, the 1W MA50 (red dotted line) was above the price action and in fact rejected the peaks, while in contrast now is below acting as a Support. This is a strong indication that Waves is in a different phase now, being in a new Bull Cycle.

If true, that should draw comparisons with the previous Bull Cycle:


As you see in the wider chart above, the targets of that Bull Rally were first the 1.5 Fibonacci extension and then the 1.786 Fibonacci extension. If history gets repeated in a proportional way, then currently the 1.5 and 2.0 Fib targets are around $80.00 and $126.50 respectively.

Do you think those could be rather conservative estimates for WAVESUSD this time?




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