Coinbase Update: Extension or did wave (iii) StartWe still don't yet have 100% confirmation, but we technically speaking don't get that until we make a new high lol. What I would like to have seen was a clean 3-wave retrace hitting standard fibs, but when do we ever get exactly what we want? That being said, the type of price action we are seeing seems completely impulsive to me. This combined with the fact that I have been predicting this type of action helps reinforce my thesis on the count. The above chart is zoomed out so y'all can see all the meat still left on the bones in this trade. Should it do what I am predicting, there is still $110 / share in profit to be made from where we're currently at .
In my last post I stated, "we need OMH for mini-wave 5 followed by a 3-wave move retrace." We got that OMH in premarket, but the retrace that followed was very short and shallow. As in it barely even shows on the 15min & 1HR charts and didn't even register in the 4HR chart. Looking at MACD on the micro's it appears that was the wave ii I was waiting for, but structurally / fib levels say we're in an extended wave i. Structure is ALWAYS the most important thing so I have to stay with it and count this as an extension.
Below is the 15min chart with more data and shows where price moved beyond standard fibs. Once this happens you ONLY have structure to guide you. As always, the turquoise count is the ALT I'm tracking. Notice also, this last marginal high price made was on neg div in the 15min chart. This implies that a retrace is coming up soon. I feel we get OMH into the 3.618 fib and then start our retrace lower for wave ii. It is with-in that retrace that I plan on adding to my position.
When we do start to drop, I will update with my next target box where I expect price to end and turn around heading higher again. Right now, the standard retrace would take us to the low $120's. Good luck and I will be updating tomorrow as needed. As always, I will post any trades I make on here.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
