COIN Elliott wave count
Overall EW count I’m doing:
Green = after a completed ABC count in White, I’m counting that as “1” at $368.88. Looks like a deep wave “2” retrace down to the .786 Fib around $245. Above $245 I believe it can start a new impulse wave upwards in the rough sketch layout in blue
--> Target upside $368; $423; $600 stretch
Blue = in nearer short term, think we can establish a smaller degree impulse wave up to create a wave 1 within Green Wave “3”. The 5 blue waves up would theoretically create a wave 1 of the 5 waves needed to create Green wave “3”.
--> Target upside $290 retest, retrace that hopefully holds above $265, then $320
Looking for good entries to build a long position. Currently in couple small debit call spreads further out in time.
Below $244 would invalidate slightly, indicating Green wave “2” is not complete. It’s more rare, but the .886 Fib retrace in pink around the $230 area would come into play. Below that, then I’ll need to go and recount some things.
Side bit: COIN, relatively new, is still establishing structure. The older a stocks chart history, generally you’re able to find consistent EW counts more accurately. Any entries I do aren’t going to be much. More spreads rather then naked calls/putts to reduce risk.
Green = after a completed ABC count in White, I’m counting that as “1” at $368.88. Looks like a deep wave “2” retrace down to the .786 Fib around $245. Above $245 I believe it can start a new impulse wave upwards in the rough sketch layout in blue
--> Target upside $368; $423; $600 stretch
Blue = in nearer short term, think we can establish a smaller degree impulse wave up to create a wave 1 within Green Wave “3”. The 5 blue waves up would theoretically create a wave 1 of the 5 waves needed to create Green wave “3”.
--> Target upside $290 retest, retrace that hopefully holds above $265, then $320
Looking for good entries to build a long position. Currently in couple small debit call spreads further out in time.
Below $244 would invalidate slightly, indicating Green wave “2” is not complete. It’s more rare, but the .886 Fib retrace in pink around the $230 area would come into play. Below that, then I’ll need to go and recount some things.
Side bit: COIN, relatively new, is still establishing structure. The older a stocks chart history, generally you’re able to find consistent EW counts more accurately. Any entries I do aren’t going to be much. More spreads rather then naked calls/putts to reduce risk.
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