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Hedera
Long

Hedera: Buying Opportunity & Our Limit Order Set!

By stromm_by_wmc
Updated
Having observed sufficient weakness in the market today, we are ready to place a limit order for Hedera. We've decided to set our limit order at the 38.2% retracement level, primarily because we are already close to the level of Wave 1. However, it's essential to note, from a realistic standpoint, that theoretically, Wave 4 should not drop into the level of Wave 1. While we allow for wicks and such, acknowledging the fast and volatile nature of the cryptocurrency market, this might be a concern for other analysts, but it's not an issue for us. We will place our entry at the 38.2% extension level and set our stop loss just below the 50% retracement level, which is indeed deeper within Wave 1. We aim to avoid being stopped out due to a potential break here. Our target for Wave 5, depending on where Wave 4 concludes, anticipates a rise above the level of Wave 3 at 14 cents.
Trade active
At Hedera, our limit order for Wave 4 has now been hit, precisely at the level of Wave 1, which is actually the maximum level we had anticipated. We've set the stop loss further away to protect against possible wicks. However, we now say that we have actually completed Wave 4. We don't necessarily believe that we should drop any further. It's possible, but we definitely shouldn't. Now, we also expect our Wave 5 to be in the range between $0.1544 and $0.2061, and then we will complete the overarching Wave (1) and see a stronger correction where we will set long-term entries.
Trade closed: stop reached
Elliott WaveFibonaccihbarhederalongsetupTrend Lines
stromm_by_wmc
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