scenario 1: we are still in corrective wave B, and within that we are observing the final leg down. volume is declining, and if we pass the 0.38 fib level, we may go down further to the 0.28 or even the support line that i've drawn.
scenario 2: we are seeing the start of wave C and experiencing some turbulence.
i believe scenario 1 is more likely. i would stack...
consolidating into the 0.38-0.5 fib mark, marking a possible end of wave B. it'll be a really good sign if we close out the next 1-2 4hr candles green with growing volume.
this is not investment advice, DYOR :)
here i called the start of wave 4 corrective.
here i projected the general movement of the correction.
now that more of wave 4 has played out we can see a more general direction of the correction. it looks like we're in a downwards channel right now. we rejected the 200 hr MA (not a coincidence that's also the 0.38 fib mark) so i'd say there's nice support...
just discovered WTC today because it has such high volume on binance :)
i think sentiment of WTC is very bullish right now. consistent volume in a parallel ascending channel. who knows where it will stop. i've marked target 1 at the 1.61 fib level.
i've set some buys at 0.33-0.36 level to ladder my way into a small position.
scenario 1: within an upward impulse, we start off with wave A as a leading diagonal
scenario 2: we just saw wave D and now are in wave E in the descending triangle
stack the buys and play accordingly :)
i've plotted the descending triangle in red where we were going downwards... until now that we've seen multiple green candles on the 4 hr, smashing through the upper red line.
now i've charted an upwards channel that we may see ENG play into. right now within the major C wave, we are in wave 1 of C.
i've plotted the fib lines w.r.t. wave A, and wave B corrects...
previously, i said that ELF was in wave 4 corrective, and this is playing out as planned. the timing of wave 5 was indeed not perfect, but notice from 1/24 to 1/25 the decline in volume, which suggested that bulls had run out of energy and a correction was imminent.
the question is. when will wave 4 end? right now we are looking to test the 200-hr MA, which...
we can see clearly from my largest 12345 elliott wave that we are still in corrective wave 4. the question is where will wave 4 land?
we can see that wave 4 is a zigzag. we are in the final wave of this zigzag. the final wave is clearly a diagonal, because the top of D recovers above A. drawing lines connecting B-D and A-C reveals that we are currently in an...
please excuse the busy-ness of this chart, just waves within waves :)
first notice the large elliott wave. we are currently in corrective wave 4. wave 4 is clearly seen as an ABC 5-3-5 zigzag.
i've plotted the fib chart. since we are still completing the last of the 5 wave zigzag, i've projected the correction all the way to the .236 level, which is roughly 980...
as predicted, TNB would follow an ABC correction and we are now tracing in the final wave C. depending on how things go in the next couple hours/days, we may still be in wave B, but only time will tell. currently i am projecting TNB to finish correcting around the end of wave 4, which is around 850-1000 sats.
for now, we watch this correction from a distance and...
TRX in falling channel. if we fall below the MA of around 590 sat, TRX will be in trouble. however based on FA, i am bullish on tron, so I don't think we will fall below 600. we will see a nice reversal if we can break out of this falling channel at around 720-740 sat.