DASH-Crash: Is it Over Yet?! May be Getting Close!Dash (DASHUSD) broke its 102.175 support, which invalidates the previous bullish ORANGE pattern. This is significant because it confirms that the larger 2nd-degree correction that started after the May 2021 has NOT yet completed.
Primary RED Pattern
The RED pattern can take DASH all the way down to 61 before seeing a bounce back up. This sees the entire rally from mid-2021 thru September 2021 as nothing more than a big fake-out B-wave rally. This is a bit unusual among cryptos because most others hit higher-highs in November in what looks like a more complete classic B-wave. While there is a chance we've had a truncation of the subwave-c within the larger B-wave, this may also be an indication that DASH gave us the earliest warning of the impending crash across the whole crypto space!
Alt GREEN Pattern
There is a chance that the correction may be over or close to over already, which is the GREEN alt pattern. We'd need to see a sharp 5-wave rally for that pattern to gain traction. If we really are done with the pullback, the target for subwave-(i) would fall between 175 and 325 based on the standard 0.382-0.618 first subwave extension we typically see after a larger completed impulse.
Check out my YouTube explainer video on DASH!
I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
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