PEPE opportunity incoming
Updated
PEPE's current market movement is caught between two significant levels, making it a crucial time to watch. A strategic entry point could be the 0.618 Fibonacci retracement level, suggesting potential for a buy. However, for the price to reach this point, we'll need to see a significant push in volume to drive it down. Jumping in at its current price might not be wise, as it risks premature entry. Therefore, consider entering long at the 0.618 level to leverage the potential third Elliott Wave, ensuring to set a sensible stop-loss for protection.
For those looking to take a short position, aim at 0, especially if the price shows signs of rejection at these levels. Despite the immediate outlook seeming somewhat positive, it's essential to proceed with caution.
Remember, these are just insights from a non-professional perspective. Always do your research before making trading decisions.
Short Position:
When: Consider shorting between levels 0 to 0.618.
Condition: Only if there's a clear rejection at these levels. This approach is suited for those anticipating a downturn before any potential rise.
Long Position:
When: Enter a long position at the 0.618 Fibonacci retracement level.
Condition: Only if there's significant volume driving the price down to this level, indicating a strong entry point for the anticipated third Elliott Wave. Ensure you set a reasonable stop-loss to manage risk effectively.
For those looking to take a short position, aim at 0, especially if the price shows signs of rejection at these levels. Despite the immediate outlook seeming somewhat positive, it's essential to proceed with caution.
Remember, these are just insights from a non-professional perspective. Always do your research before making trading decisions.
Short Position:
When: Consider shorting between levels 0 to 0.618.
Condition: Only if there's a clear rejection at these levels. This approach is suited for those anticipating a downturn before any potential rise.
Long Position:
When: Enter a long position at the 0.618 Fibonacci retracement level.
Condition: Only if there's significant volume driving the price down to this level, indicating a strong entry point for the anticipated third Elliott Wave. Ensure you set a reasonable stop-loss to manage risk effectively.
Note
Correction to my Short IdeaShort Position:
When: Consider shorting at 0 with reasonable SL, take it to 0.618.
Condition: Only if there's a clear rejection at these levels. This approach is suited for those anticipating a downturn before any potential rise.
Trade closed: target reached
Target hit th 0.618 fib. We can place LONGS but I would do so with cautions and a SL with another buy set up at the 0.786Trade closed: target reached
We're still checking to see if wave 2 wants to break 0.618 fib and reach 0.786. Looks like it's holding, so the trade is closed. in the event that it break down we should have a tight SL and a buy at 0.786for now i'm looking at wave 3 here in a new idea
Trade closed: target reached
Looks like PEPE wanted to hit the 0.786.
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