This is also possible to never become active if there are too many signals.
Entry: Under $39.66
Stop Loss: $35.73
Chance to Gain: 63.35%
Chance to Lose: 10.10%
Consolidation target: 1-2 days (This is key, we don't want it to be too long)
Total trade time: 3-4 Days
We manage risk and look for signs of reversal. I cannot tell when to buy and sell. This trade will be played by ear and of course is subject to change over time.
This is not a very likely scenario, but our eyes have to be peeled for this to be the full wave 4 correction. In my opinion, this is likely to fall, but we CAN break resistance and head to our target.
We're facing this cup and handle formation and I think this will be a very nice opportunity. We will wait until the very last moment of consolidation as long we get a bullish divergence on the 4 hour MACD and it forms a similar correction to this.
It's possible that what that was right there was an impulse wave, but I'm not entirely sure. I think it is still a part of the correction, which would make me think that we still have at least another wave down. But I will stay patient on this. I will only enter if I see it staying above the 15 min RSI support line OR if it breaks past and closes above resistance. These smaller market cap coins can be tricky.
GUYS I HAVE A NEW TOY.
Works like a charm, no idea why i haven't been using it.
This is definitely a breakout and the waves are confirmed here. $51 is my short term target here. There was an ABCDE correction in the triangle to the left. Buying in here for the quick trade and exiting for re-evaluation for a larger 5 wave structure. Truncated 5ths can happen after powerful wave 3s, so it's possible that this can be it. More updates to come!!
Sidenote: Listening to 50 Cent
I can't tell if this is a part of the bigger correction or not, but it failed to reach the short term target last night. So it'll probably fail to reach this. Just a big waiting game on this one.
It is a part of the bigger correction. LOL
So I like how this is playing out. We're coming to our support levels and we really need to stay above them. I think we will! We have some very nice buy walls that actually haven't moved for the past day and a half. I added to my position right here, and I expect this correction to continue for the rest of this day? After that I think we can head to our target!