CTSI - Time to Start/Add a Position?
Updated
I've been watching Cartesi - CTSI for a while now looking to start a position as close to the end of what I believe is the end of Wave 2 Down as possible, so that I am positioned to take the best advantage of what should be Wave 3 Up to come next. (Wave 3s are commonly the most explosive, highest wave of an Impulsive Wave 5 in Elliott Waves).
Price has just made a new low below A, so technically, this would meet the requirement that C end below A, although it has barely done so, and there could be more downside to come.
But my labeling indicates that price is in the final wave 5 down to finish c down and C down once a low has been found. Given that, I made the decision to start a new position and made 2 purchases of 500 each for a total of 1,000 with an average cost of 0.308. I am prepared to add to my position to average down my cost should price continue lower.
Another indication that this current wave down may be close to an end is the Bullish Divergence in RSI to price. If you look at the lows labeled a, then 3, then 5-c-C-2...and compare those points to where RSI was at the time, you'll notice that RSI was rising, when price was falling further.
I've drawn a red line starting from the last high labeled B down across the top prices, creating an upper channel line. I'll be looking for price to break above this line, then hopefully pull back and test it, where I will make my last purchase to complete my desired position.
As a reminder, just sharing one approach I use Elliot Wave to look for great setups to take advantage of Wave 3 moves and this is NOT trading advice or to recommend buying or selling any asset.
Thanks for all the Likes and Follows!
Price has just made a new low below A, so technically, this would meet the requirement that C end below A, although it has barely done so, and there could be more downside to come.
But my labeling indicates that price is in the final wave 5 down to finish c down and C down once a low has been found. Given that, I made the decision to start a new position and made 2 purchases of 500 each for a total of 1,000 with an average cost of 0.308. I am prepared to add to my position to average down my cost should price continue lower.
Another indication that this current wave down may be close to an end is the Bullish Divergence in RSI to price. If you look at the lows labeled a, then 3, then 5-c-C-2...and compare those points to where RSI was at the time, you'll notice that RSI was rising, when price was falling further.
I've drawn a red line starting from the last high labeled B down across the top prices, creating an upper channel line. I'll be looking for price to break above this line, then hopefully pull back and test it, where I will make my last purchase to complete my desired position.
As a reminder, just sharing one approach I use Elliot Wave to look for great setups to take advantage of Wave 3 moves and this is NOT trading advice or to recommend buying or selling any asset.
Thanks for all the Likes and Follows!
Note
Added 500 more @ 0.286 on 3-13-22. Now have a total of 1,500.Note
Price has broken above the red upper line, fell back briefly to retest (I failed to add to my position there as planned as I used the funds to invest in another Crypto, so will let this position ride) and is not starting up again in what might be wave 5 up of a larger wave 1 Up. Once complete, wave 2 down should start until the larger wave 5 is complete.Thanks for all the cooments and likes! Hope you were able to take advantage of this.
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