This is my main Elliott Wave Count for TRX/BTC. The bearish impulse move has not finished corrected, but there by the way price action is playing there is a good likelihood of a divergence forming on a higher timeframe. Could consider a short flip at the labelled Wave (iii) bottom which lies just above the Golden Pocket. Have a tight stop-loss and don't trade with...
There are algos/whales in ARK trading heavily when ARK hits a Golden Ratio - this happened too many times to be a coincidence.
1) Minor Wave 4 retracing 61.8% length of Wave 3
2) Minor Wave B retracing 61.8% length of Wave A
3) Intermediate Wave (2) retracing almost 61.8% of the entire impulse move
4) Minute Wave (ii) retracing 61.8% of the length of Wave...
After failing to hold the 61.8% extension of Wave A from B, Wave C looks towards the next target, which is 100% extension of Wave A from B. This is a Fibonacci cluster zone where it is also the 50% retracement of the 5 Wave move of the larger degree. Do not enter this trade prematurely as it may well go all the way down to the 161.8% extension, wait for...
I see a strong set-up for a rebound here. Quadruple confluence of:
1) Wave C at 61.8% Fib extension of A from B.
2) 31.8% Fib Retracement of the larger 5-wave impulse structure
3) Geometry on Pitchfork Channel
4) RSI in Buy zone
This was definitely not an easy analysis. We first got a 5 wave impulse that topped out on the 6th Jan, followed by a bearish 5 wave impulse to the downside. As long as price doesn't break below 38.6k, REQ/ETH may have set itself up for the next 5 wave impulse. The chart trades surprisingly technically - you can identify many pivot points aligned to Fibonacci.
