ACA bounced from bottom and corrected back to form what it seems expanded flat correction where we have one more impulse up. If this is expanded flat correction then we will get 5 wave impulse to fibb 0.5 range (wick above previous pivot).
On other side pattern is also similar to what XRP did (with exception that XRP did higher low in correction) so we can also develope full impulse leading to new ATH - how to recognise it? 1st step is breakout of local channel, test of breakout and then strong push past fibb 0.5 (yellow box) which would negate expanded flat correction scenario and make this a full power impulse with first TP points being at ATH range and at fibb 1.272 extension.
On other side pattern is also similar to what XRP did (with exception that XRP did higher low in correction) so we can also develope full impulse leading to new ATH - how to recognise it? 1st step is breakout of local channel, test of breakout and then strong push past fibb 0.5 (yellow box) which would negate expanded flat correction scenario and make this a full power impulse with first TP points being at ATH range and at fibb 1.272 extension.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.