Wave E - Rangebound downtrend. $2-2.10Wave 2 correction has printed a symmetrical triangle, and has conformed quite tightly to it. I had been watching for this pattern from wave B top at $2.73, and wave C confirmed it. Wave d downtrend caught me slightly off guard, and wave d rally came slightly sooner then expected, but ultimately it’s what I have expected.
Wave e is likely to stay rangebound, with diminishing volume, and will probably make a fakeout attempts, but probably only small wicks. I am anticipating a final shake out/fakedown/liquidity hunt some time next week to the $2-2.10 range, but it might drop out of the bottom of the triangle if there’s enough liquidity, although I imagine buyers are going to be snapping it up before then,
I am thinking next week, but in reality it’s within two weeks, when a bunch of crypto bro’s who have been packing bags for 4 years get into the white house.
Wave 3 is liable to be pretty explosive, and wave 4 will be much shorter in duration than this wave 2 has been, as it will alternate and be either a zigzag or a flat correction, but it might be deeper.
I’ll be taking profits at $4.50, which is the 1.618 of wave 1, but I’m anticipating it running harder than that before wave 4.
