Swoop6

Swoop6

Currently of the belief we're working on a B wave here which will ultimately end up being a big bull trap, However if we break our channel higher aggressively and close considerably above it...it's likely we're not dealing with an ABC anymore and it is the start of a new Bull as the bottom is in.

Swoop6

As plot suggests I'm of the belief we're in for a big bounce and have a reaction line with confluences around the 4450~ and 4600~ area.

Swoop6

Timelines probably won't be too accurate here however I think the personality of the move might end up being so, Commodities usually get the extended 5th wave and given that our wave 3 was not very big and had no extension it's highly likely that our wave 5 extends.

Swoop6

Clear 5 waves up and in the process of ABC down - Looking to have more downside on this C leg but there may be a bounce up before the correction completes.

Swoop6 Updated 

I was warning people around $110~ that this was approaching a top and at the time it was unclear if it was going to be a multi month or multi year top - As of now I'm of the belief that the $114~ high will be a multi year top, Can I be wrong? sure, I'm viewing this leg down Currently still an A leg and when it completes we should get a large bounce up (B wave) but...

Swoop6

Count fits and the fibs also do in terms of retracements/alternation, Let's see if our low can hold for this climb.

Swoop6 Updated 

Silver is looking pretty good for the longer term, I started buying in the $17~ area and I imagine pull backs for some time won't last too long as prices trend higher.

Swoop6

Projecting the future path, lower time frame counts like this are quite tricky to pull off however we try lol.

Swoop6

So this scenario is made under the premise we're in the process of a big bull trap which should see us bounce to 4400-4600~ odd and then fall down to 2k levels completing a big ABC correction.

Swoop6

Mapping what may end up being a bull trap - However there is also a good chance the bottom is in and we're early stages new Bull gl.

Swoop6

As stated in other ideas I'm kind of an alt Layer one Bull - this is actually looking like to be a leader in this next bull cycle and start climbing earlier than others - $450-500~ seems reasonable for this.

Swoop6

Expecting big things from alt layer ones in the future - should see this around $1800-2k~ per coin if I'm right.

Swoop6

Plotted under the assumption the bottom is in with our fork for now.

Swoop6

Correction has just about reached our 1x extension of what appears to be ABC structure from the top down - Probably has a little more downside but overall it's looking like a decent time to start accumulating if you believe in this.

Swoop6

Am of the belief that our low at 3491~ will not bust for some time and we're either setting up for another leg up which could be a bearish bounce as shown on the chart here...or we're in a new bull market and the majority are totally wrong and the bottoms in.

Swoop6

Future with this is probably going to be decent as it's well positioned to capture the digital transformation trend and has ties to crypto.

Swoop6

When you think of bull runs you should be thinking Layer 1's - they're the best positioned to grow expotentionally as when their networks expand price goes parabolic - Market is currently very unloved and the majority have become uninterested in crypto as of recent times, However there are still many great projects building and fundamentals are clearly not being...

Swoop6

Price tagged the ML then proceeded to make lower lows and ''create space'' between the ML and price - this could end up being a key reversal point as the bearish trend is terminated.