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:
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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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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).
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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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.
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.
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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.
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.
Entering Key Resistance zone might pullback a bit again
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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.
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.
Hey Euro. Great work as always. When do you decide when to enter the trade?
EuroMotif
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@RTurner090, Hello friend and TY!
I like to "ladder" my orders. So I have buy limits sprinkled through a zone, starting a hair above, and down to a hair below.
Once some are filled, I make decisions on the remaining orders, maybe move or remove some, etc.
Ideally I like to see a clean and precise Ping on one of the fibs that makes a zone, in which case it will have it some orders, and then I might fomo some market buys to follow if the Ping bounce takes off strong....
RTurner090
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@EuroMotif, If the trade goes against you do you take a stop and then try again at the lower fib boundary?