What we see here is a corrective 5th wave. This is possible on the basis of the updated rules. The minimum target for the following correction is the 38.2 RT of the hole upward impuls.
After EWT topped out in August 2020 after a 4 x run, the token has been in a more than 4 month downtrend channel relative to Bitcoin. This changed today ! At the moment EWT is back testing the descending trendline of the channel. It seems to me that it has finally carved out a bottom and wants to trend higher. Not financial advice but I have been buying around...
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Maybe the red (2) is already finished but it's also possible that there is a Y wave to the downside is missing.
Waiting for SPY to retrace and retest and old support line as resistance before coming down as low as $364-363 range. Best to use the come-up to secure good shorts.
Likely we see the upper 18K-lower 19K range.
EWT in price discovery mode. More Bullish because it has an actual use case. $$$
We see here the Dax since the 1970's. At the beginnig we have a clear 5 wave impulsiv structure. At the beginning of the new Millenium this structure change to a corrective one. But at this time I could count it also as an impuls. The clearest indication for a corrective structe is the Wave from 09/2011 to 05/2014. I do my best to count this wave as an impuls but...