XTZ aiming for $3.75 but likely to Pullback soon (wave 4)

As you know, Tezos has been coming back with a vengeance.
Thus far it as been leading the market during recovery bounce.
Now approaching resistances that might end current sub wave.

$ 2.73/75 is immediate resistance, has been weakened.
$ 2.84/88 is wave ending resistance, should cause pullback.
$ 2.98 into $3 round has fibs reinforcing the pscyh, caution.

$ 2.57/60 should be reasonable strong support, strong bulls.
$ 2.35/37 needs to be Very Strong support, or bulls are weak.
$ 2.18/22 must hold or bull case becomes a very weak argument.

If numbers on chart are blurry, here is a Snapshot:

Comment:

Moment of Truth

Here we are at the proposed Alternate target for wave 3

just entering the zone, resistance being noticed but not looking worried.

Lets see if bulls get through on just the first attempt.
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Comment:

Resistance clearly noticed

$2.8xx posing a threat, as expected

that secondary rejection from the lower boundary makes it more likely that was a top (for now).

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Comment:

Pullback Started??

First dip from the wave 3 target

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Zoom IN (8 min) for a closer look

Perfectly topped and perfect Dip to the zone below.
Small bounce at zone below, but I doubt it will hold.

Time to start measuring the pullback wave for possible targets.

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Comment:

Another Perfect Ping

Fell from top bondary to lower bound of plotted zone

a wee bit of a bounce here is expectable.
But any bounces this high should get sold into, lets see.
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Comment:

Strong Bull, for sure.

Currently oscillating between the two bands

That could be a wave 4, because 4's are often sideways for a while.

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Zoom IN (8 min) for a closer look at the action around those zones

Nice Pings on all zone boundaries,
indicating all Fibs are still spot on.
So not much to do until break out.

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Comment:

1st Target for wave 4 hit

Just hit our target for wave 4 and clearly reacted

Lets see if it holds, but that bounce is promising

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Comment:

PIng

Nice reaction at bottom boundary of proposed wave 4

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Comment:

Bounce looks good.

It did PIERCE the zone, so looks good but not AS good as it could have

Limit buys were filled. Watching closely. Moving SL to BE now.

Comment:

First Layer of resistance

Blue fib added from Impulse at top

Blue arrows show some of the Pings that gave credence to that fib.
And now we have a reaction at the 1.618 which is expectable.
Above that we have the red zone from original plot, also resistance.

So some profits have been booked, SL at Break Even on the rest.

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Comment:

^^ followup to last pic above ^^

That blue 1.618 definitely noticed

Now if it comes back down to the 2.236, it better bounce.
Ideally it does not go that fib at all, but if we get a Ping there, still good.

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Comment:

Entering Key Resistance zone

might pullback a bit again

Comment:

Sizzling against the Resistance

spent 8 hours so far stuck to the ceiling.

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Zoom IN (15 min) with Blue Fib of drop added (as seen above also)

We are now bumping into the blue 1.236.
But also reacting to the existing Red zone formed by higher tf fibs.

At this point the most bullish sign would be a clean Bounce off the blue 1.618
Thus far this appears to be a typical wave 4, sideways movement within a well defined range.
All in all I still think we have a realistic chance at running a wave 5 up to the next targets.

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Comment:

Step by Step

Still making progress, past the red zone immediately above and into the 0.618 of the Impulse down

the 0.382-0.618 is what I call the "Impulse Core", and it almost always presents itself as the strongest part of the original Impulse. Lets see what it takes to get past it.

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