Aave: End Of Correction (Update)Several signals are pointing to the current correction being over or reaching its end. AAVEUSDT peaked 16-December 2024. The action has been bearish for 78 days if we consider yesterday's low.
The action pierced the 0.618 Fib. retracement level in relation to the bullish wave that happened from April through December 2024. This is the main support zone for most strong, long lasting, bullish movements.
Trading volume has been rising. There is strong high buy volume. The RSI shows a good reading as support is hit. More than 40 which supports the correction reaching its end.
The market is never in a hurry when it is about to enter a long lasting phase. While the correction can be ending or is over, some sideways (consolidation) can happen before the next advance takes place. See mid-2024 on the left side of the chart.
First the drop. Then sideways (consolidation), followed by slow and steady growth and finally a strong advance. We are entering the second part of this four steps sequence.
Aave is starting to look good and should look much better in the coming months.
Thanks a lot for your continued support.
Namaste.
