Should be strong support at the 2566 for Cardano.
Longterm trendline support, 1:1 extension on the ABC and .65 retracement level all fall to this level.
BTC will play a large role in this trade so no targets to be set yet but we have a lot of reasons to suspect a bounce in this area.
Falling wedge can also be seen on ADAUSDT
RLC looks to have had a truncated 5th wave that fell short of reaching wave 3
ABC correction has not reached a 1:1 extension yet
1:1 Extension would correlate with a retracement down between the .5-.618 level
1:1 Extension would also place the end of the correction right into the large wick on wave 1
Buy zone: 2076-1946
Looks like BCN will retest the low. All information in the chart. This seems like a low risk play from here, Even if BCN goes into failure and has to put in a new wave 1 the draw down is very minor
Buy in 104-108
Target 1: 150
Target 2: 184
Most of the information has been annotated on the chart.
A little surprised with the btc movement the last week. After a very bullish run btc needed to correct, was taken a little bit by surprise with a truncated 5th wave to end a very impressive run.
I think it is very likely that 7800-7700 hits before we can make a run upwards but we can see an early bounce...
Zil has seen multiple 1.618 extensions with no major retracement
Given the overextended waves and lack of retracement this coin is likely to see a long drawn out retracement down.
Most common buy zone is marked on chart and would start at 1508. For the reasons below, I will wait before entering this trade.
Safest entry would be to wait to see if .786...
Seems very likely that ENGBTC moves up to target
Wave 3 finished almost exactly at a 1:1 extension of waves 1-2
A 1.618 Extension of Waves 1-2 lines up very closely with the .786 Extension of waves 1-4 so this area will act as a major resistance point.
Buy in 32-28 area
Target 1: 34000
Target 2: 37000
Target 3: 40000
Adjusting the count here and attempting to get better targets. Going to play TRX a little more aggressively but not foolishly.
Target 1 will cover a bearish double top on wave 5
Target 2 will cover a .786 Extension of Waves 1-3
Target 3 will cover a 1:1 Extension of Waves 1-3
Target 4 will cover a 1.618 Extension of Waves 1-3
Playing with the count a little bit here so feel free to comment if you can find a mistake here
I like this count better for several reasons;
Wave 1 subwaves:
This count has wave 3 breaking above the 1:1 extension
Wave 5 Reaching the .786 extension of subwaves 1-3 and 1.618 extension of waves 1-2
Wave 4 retraces down to wave 2
Wave 3 Subwaves:
GTO seems to like the deeper retracement on all subwaves so I would wait this one out to see if the pattern plays out on the larger primary waves.
Primary wave 3 reached above the 1.618 Extension so we should assume a .786 extension on wave 5.
Buy Range: 4100-4400
Targets 1: 6240
Target 2: 6980
Target 3: 7630
ADA heading towards a really good buy zone.
A Look at the waves
Wave 3 was extended so we should assume a .786 extension of wave 5. ADA failed to reach this mark but we did hit the .618 level so we are well within the range to end Wave 5.
From here we could see a bounce up and reach the .786 level but it seems unlikely right now.
The Buy range
Buy range was...
This seems to be the only valid count for XRP right now but has reasons for concern.
The Case for a valid count
Wave 3 has reached just above the 1.618 extension
Wave 4 down has reached a .5 retracement
When wave 3 is extended we should assume a .786 extension of waves 1-4. This would place XRP at a very strong resistance level and seems like an appropriate end...
A lot of information in this chart but the potential for a big trade here.
First lets talk about Wave 3 subwaves
Wave 3 was extended so we should assume a .786 extension of waves 1-4. ONT reached just above this mark before starting its wave down so the count is very likely to be correct here.
Now the primary waves
Wave 3 did not reach the 1.618 extension of...
Previous targets no longer fit with NANO price movement.
Profit in previous trade has made 30% but we need to adjust to new information.
Redrawn waves give wave 3 a 1.618 extension of waves 1-2
With wave 3 extension we should assume a .786 extension of waves 1-4
Although the .786 extension would be higher then given target it seems unlikely NANO breaks the...
Primary wave 4 retracement would fall between .382-.5 of waves 1-3
Extended wave 3 so we should assume .786 extension of waves 1-4
If lend were to go to the bottom of the channel .786 extension would line up with 2.618 extension of waves 1-2
Wave 5 end lines up with a very strong resistance point
Would not enter this trade until 830-850 range or bottom of channel...
Believe we are still in a Primary wave 3 for icon with plenty of room to move up.
1. Primary Waves 1-2 would bring the end of wave 3 around the 7000 mark
2. Looking at subwaves in wave 3 would bring the end of wave 3 to 8372 and it just does not look like ICON will get there
3. Drawing a parallel channel across the entire expected move gives us a clearer picture...
Lots of fib levels on this one so its a bit of a mess. Important information on chart and in text below
Currently in Wave 5
Subwaves 1-2 Completed
Wave 3 Extended past 1.618
With wave 3 extension we should assume .786 of waves 1-4
With subwave 1-2 completed in wave 5 Fib level of 1.618 reaches 1615
.786 extension target of primary waves 1-4 reaches 1590
Looking at larger picture for EOS. Notes in the chart on how target buys and end of 5th wave were determined. Smaller timeframes show a potential bounce up above the 1.618 before larger correction begins. Will wait for the buy area marked on chart before entering this trade
Buy area: 15800-14000