In depth Analysis
Looking at the daily chart its usually easy to see the subwave count of wave 3 only. Below are the characteristics of the structure -
Wave 1 was a leading diagonal
Wave 2 retraced .50 on fibbs was a triangle
wave 3 wicked 1.618 of wave 1
Wave 4, i can make it a running flat
Wave 5 was even shorter than wave one and was ending diagonal
The correction after impulse-
believe we are in a combination WXY or WXYZ correction
Wave W i can call it a zigzag retraced between .50 and .618 of A
Wave X was a flat
Wave y will either be a Zigzag
The impulse was on higher 41° and correction is going on 26°. Nothing worrying there. But the time being taken is concerning. Impulse took 82 days. Correction is 120 days on and still going. I am leaning towards a lower low because of that.
Looking on the log charts volume is holding and it has just made a reversal on .786 fibbs. I have seen many coins making a comback at this level. when pullbacks are with good volume. Solid volume in pullbacks is usually a indication that higher high is on the way. It means that interest is still present among traders.
Looking at Moving averages here. I think 7 EMA and 30 MA are very useful for crypto as crypto trades 24 hours. 7 ema is based on week and 30 ma based on month. As you can see it failed recently at 7 EMA with very convincing red candle.
Note - This analysis is based on this chart only. If you see older charts it would present a different scenario.
Wave 1 was a leading diagonal
Wave 2 retraced .50 on fibbs was a triangle
wave 3 wicked 1.618 of wave 1
Wave 4, i can make it a running flat
Wave 5 was even shorter than wave one and was ending diagonal
The correction after impulse-
believe we are in a combination WXY or WXYZ correction
Wave W i can call it a zigzag retraced between .50 and .618 of A
Wave X was a flat
Wave y will either be a Zigzag
The impulse was on higher 41° and correction is going on 26°. Nothing worrying there. But the time being taken is concerning. Impulse took 82 days. Correction is 120 days on and still going. I am leaning towards a lower low because of that.
Looking on the log charts volume is holding and it has just made a reversal on .786 fibbs. I have seen many coins making a comback at this level. when pullbacks are with good volume. Solid volume in pullbacks is usually a indication that higher high is on the way. It means that interest is still present among traders.
Looking at Moving averages here. I think 7 EMA and 30 MA are very useful for crypto as crypto trades 24 hours. 7 ema is based on week and 30 ma based on month. As you can see it failed recently at 7 EMA with very convincing red candle.
Note - This analysis is based on this chart only. If you see older charts it would present a different scenario.
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