I think if 5 waves are in on the impulse this is some abc correction and should see lower lows. Then impulse back up to hit prior resistance and possibly breakout. If i see confirmation of new lows ill be buying puts. No trades until confirmation of up or down move. patience is key
Waiting for correction to finish and form a base to buy long calls in coming months
If we correct down to 786 fib levels near 15 dollars. I might think of buying long term calls 1 year out expecting at least a retest of prior highs and probably higher highs. But will only take on confirmation of abc correction over near 786 fib level (at those prices you will be able to make 5-10x returns). Should be a good place for long term or even short term...
Looking to see if we are in a 4 wave rally and going to go for 5 wave final move down on the ABC correction. If we go down will be looking for 618 fib line for support might buy puts on a down ward confirmation.
Updated my last chart here, either we're still on the blue 3 wave and it's not done moving up. Or 3 wave is done as on the chart and we're working on the 5 Wave. Been buying calls accordingly using the wave sets and alternate counts.
Originally I was going to buy puts on this green 4 wave going to green 5 wave to finish the correction at 618 fib. But risk to reward wise looking at this, what if the 5 waves of that correction is already in buying puts this late into the correction doesn't seem to make sense risk management wise. I'm going to be patient and wait and see if that green 5 wave...
If we don't go below base of green 1 wave and impulse up hard this is alternate count to over 15k. But so far doubting this unless we get some big green bars that show impulsive move for green wave 3.
Looking for the light blue 3 to finish and find bounce for 4 wave. Since we filled the gap as well might be good area to find calls. Then when 4 wave is done get some puts for further leg down. Alternate counts coming later if this isnt the case ill post em.
bought calls yesterday saw this impulse looks like working on orange 5 wave and a 3 wave currently inside that orange 5
I'm counting 5 waves on final 5th wave before correction. Just possible price zone i'd be careful correction would be back down to 618 fib at least
Just one scenario of elliot waves, of course you would have to update the wave set as more price info comes along. bullish long term on this even with the corrections. I'd wait for 5 wave to finish for a heavy entry.
Could still be a simpler abc correction to 618 786 fib line. C wave would need 5 wave impulse down. Lets see which scenario plays out. Could just be some abcde triangle as in the other chart. time will tell.
I have a few different scenarios I am looking for, shown on my other charts. What if we didn't finish the 5 wave yet, and this turns into a abcde or some other more complex correction before a 5 wave (instead of the abc correction idea to 618 or 786 fib line bringing us to 7k range at 618fib or less if we go to 786 fib line). Time will tell what the correction...
If 5 wave is done as on this chart then C leg down to 618 786 most is likely. If this doesn't go lower than past low at 9100 area then could be wave 2 and wave 3 higher highs of over all wave 5 in the works. Or some other complex combination. Either way good entry imo at 618 and 786 fib from entire 1-5 wave here.