GRT Cup And Handle Elliot Waves
Updated
Without all of the lines drawn, GRT/USD is forming a large cup and handle pattern.
The buying volume increased on GRT as it formed the second half of the cup and the selling volume is decreasing as it is forming the handle right now.
I charted 2 resistance lines (RED) and 1 support line (GREEN)
Elliot wave 3 will start at the upcoming support line and will break out of the cup and handle pattern until it reaches the next fib resistance point at 0.90, which also lines up with the resistance line formed by the chart.
Elliot wave 4 will be a sharp drop (as wave 2 was a shallow drop) from 0.90 to 0.60 to retest the breakout.
Elliot wave 5 will be a bounce from the resistance which will turn it into a support line. The wave 5 will then continue up until 1$ which is both a hard resistance and it perfectly lines up with the resistance line formed by the chart.
The Fibonacci levels works out for the elliot waves but I did not include them because the chart would be very cluttered.
The buying volume increased on GRT as it formed the second half of the cup and the selling volume is decreasing as it is forming the handle right now.
I charted 2 resistance lines (RED) and 1 support line (GREEN)
Elliot wave 3 will start at the upcoming support line and will break out of the cup and handle pattern until it reaches the next fib resistance point at 0.90, which also lines up with the resistance line formed by the chart.
Elliot wave 4 will be a sharp drop (as wave 2 was a shallow drop) from 0.90 to 0.60 to retest the breakout.
Elliot wave 5 will be a bounce from the resistance which will turn it into a support line. The wave 5 will then continue up until 1$ which is both a hard resistance and it perfectly lines up with the resistance line formed by the chart.
The Fibonacci levels works out for the elliot waves but I did not include them because the chart would be very cluttered.
Note
Nice reversal candle on the last 4 hour, had lots of bullish volume, also noticed a bullish divergence on the 4hr RSI
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