Elliott waves counting on DOT
Updated
following my previous analysis on DOT at this publish I will survey the Elliott waves on this pair.
as you can see price bounced up from 4.2$ as the bottom level and hit my first key resistant level 5.6$ before drop.( from my previous analysis)
at the moment if we accept first impulsive wave 1 of (abcde) completed then we are looking for correction wave 2 to complete.
now based on my theory wave (a) from wave 2 done and now price is moving on wave (b). if it is then still wave (c) need to run yet.
so I can estimate the area around my baseline would be the target of wave (c) to complete the wave 2.
breaking above the trend line and closing above last high means all wave 1 and 2 already completed and we are looking for next impulsive wave 3.
in the case of closing below the baseline of my chart (around 4.7$) means this wave counting may not validate yet. let's see
Enjoy the market
as you can see price bounced up from 4.2$ as the bottom level and hit my first key resistant level 5.6$ before drop.( from my previous analysis)
at the moment if we accept first impulsive wave 1 of (abcde) completed then we are looking for correction wave 2 to complete.
now based on my theory wave (a) from wave 2 done and now price is moving on wave (b). if it is then still wave (c) need to run yet.
so I can estimate the area around my baseline would be the target of wave (c) to complete the wave 2.
breaking above the trend line and closing above last high means all wave 1 and 2 already completed and we are looking for next impulsive wave 3.
in the case of closing below the baseline of my chart (around 4.7$) means this wave counting may not validate yet. let's see
Enjoy the market
Trade active
closed above the trend line for second time, now closing above key resistant level 6.35$ confirms that we are in the right direction. lets see how it works
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