GudUtenTruser
Long

Inverse Head and Shoulders - start of third elliott wave?

BITFINEX:OMGBTC   OmiseGo / Bitcoin
Following what is supposedly an inverse Head and Shoulders following a nice upward trend and a tight downwards trend, we may be able to break the trending resistance and go into the third elliott wave . In that case this'll be a good jump.
Comment: We missed the inverde H&S by a little bit, but it is now going back up like predicted.

If it continues this way, we will skyrocket.

Comments

Hi, thanks for the TA :)

How have you defined your targets please ? x8 from here at the end of the year seems a bit optimistic but heh ... I hope so ! :)
Reply
Hello, @4lador, thanks for commenting.

This is very ambitious indeed, but essentially what I did was use fibonacci to determine the drop from first to second wave in order to calculate the third one. If we follow the uptrend we currently have in the bigger picture, you can see that it nicely matches up with the retracement of wave 4. Also, from point 0 to wave 1, approximately a month went by, same with retracement to wave 2.

I mean, this is more or less pure speculations, but Omise is one of the more exciting projects out there, and definitely one of the more stable ones.

Also I'd like to end this comment by mentioning that this elliott wave may or may not be a little inconsistent as the movements in the market is kinda in the grayzone, as it might not be impulsive enough.

I hope that was a satisfactory answer!
Reply
4lador GudUtenTruser
@GudUtenTruser, thanks for the very detailled answer.


I see, that's logic :)


Decision point seems to be soon, so I'd like you are right.


I bought before reading your TA, I think it could be a good trade to heal my portfolio from October wounds :p
+1 Reply
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