The correction appears to be over at $140 and also because the recent move kept the price above that level. So I'm marking that as end of Wave 2 (orange). This puts us at the beginning of Wave 3. The target is between 200-210, considering that 50 Day EMA is at $212 offering lot of resistance.
Also note the Bull flag that formed with its target at "C" i.e above $260 (5th wave). Also the BCHBTC ratio is bullish as well, check the linked post
The invalidation will be below $140, which means this was an incorrect wave count.
Another view where the correction is almost over with breakout range
Take Care.Stay Safe.
This forms the part of our original idea
Also note the Bull flag that formed with its target at "C" i.e above $260 (5th wave). Also the BCHBTC ratio is bullish as well, check the linked post
The invalidation will be below $140, which means this was an incorrect wave count.
Another view where the correction is almost over with breakout range
Take Care.Stay Safe.
This forms the part of our original idea
Note
Breakout and the resistance from 50 Day MA. I'm expecting that will be overcomeNote
There was no 5 wave impulse, instead I could see only 3 sub-waves and B could not be crossed. So modified existing structure with E unchanged ($150+-)Here is a more bearish structure which calls for 0.618 Fib ($133) or lower. But the C target (white) remains unchanged above $250. Of course, we turn bearish if price goes above $180
Note
Touchdown, lets hope there is a bounce nowNote
Good bounce at E. Need to cross $163 (50 Day MA) and stay above it to continue the move upNote
Nice, we crossed 50 Day MA ($163). I've taken a long at $155+ and now moved the SL@$160. If this is an 5 wave impulse than the price can't go below wave 2 bottom ($155)Note
I will add more if the price can stay above the 50 MA (1 or 2 Hourly candles)Note
The price never managed to stay above the 50 MA (now at $158.5) and dropped multiple times to SL zone ($155). Furthermore the waves now appear to be ABC which indicated further move downwardIf we can't breach the 50 DMA in the next day or two or drop below 155-150, we go with our 2nd bearish chart above
Note
And we broke above the 50 DMA. Taken a position, but still cautious. I'm still uncomfortable till we cross 170-180
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Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
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.