About meProfessional BTC and Stock trader. Do you Want to learn how to trade, earn money and be apart of a great community that trades crypto and stocks? Join our FREE discord which is at 100 members already. https://discord.gg/5qbEtN2
What we have here is as typical Wedge pattern with the (E) wave ending at around 11-10 USD.
To confirm this movement we have our CCI indicator which seems to indicate that its losing steam on the downtrend.
And to all the haters saying the airline industry is gonna go bankrupt. The federal loans disagree with you.
If you want to buy, now is the time.
1: DAX: Looking at the weekly, you can clearly see what DAX has done. It doesn't take an EW expert to see that we just finished wave 4. Wave 3 ended at 13.362 (1.618) fib, which means this correction is a wave 4 correction. Our rule 1 was: If it broke Wave 1 which was at 8122 the wave structure would have been invalidated. But since it didn't, we are looking at...
Uranium stocks are down 95% from their peak. There has been no energy source that has a better efficiency . Nuclear Power plants are better IMO. They about 1.5 to 2 times more as natural gas and coal units, and 2.5 to 3.5 times more reliable than wind and solar plants. Furthermore Iran cancelled it's Nuclear. Well guess what? Nuclear Bombs are made out of Uranium....
We have a ABCDE wedge ongoing. Currently we seem to be at the ending of wave (E)
We already developed 5 waves up to the upside of (E), and we seem to be at the end of this extension.
I dont have a specific target yet, but i will update this idea, if this goes as expected.
I would short anywhere in the red box.
I have been looking at 2 scenarios in this market.
1: The bullish count: As we saw the (a) wave did an ABC pattern, which a must for an A. Then the B proceeded to make 5 waves down and bounce of the 0.618 fib which does make it look like an ending to the correction. Then we had a wave 1 in play, proceeded by a wave 2 down. So our wave 2 has not yet gone below...
BTC is at the last 5th wave of the Correction down. If we were to see a bounce this is where we could expect it.
I would place longs between 6200-5800.
It cannot go below 5650. If it were to do so, the whole 5 wave structure would be invalid.
If we look at XRP, we are repeating the same pattern as last time. We pump, then slowly start retracing down to the 0.618-0.65 fib. This time, we hit another fib level where we could see a bounce of the 0.618. So just by looking at the chart we know 0.65 ratio is important.
Then we look at the 4H RSI, we have it breaking the support line we hold... That dosnt...
We appear to be at the current resistance again
There are now 2 possibles which is going to happen:
1. We either break up and target 3019
2. We either break down and target 268.
I think possibility 2 is the most likely. I will be shorting 294 with a very tight stoploss at 295,2
The target is 268.