it seems that we are currently putting in the waves D and E to complete wave 4 of one larger degree; this means that we'll soon be going up for a wave 5 to complete wave 1 of a larger degree.
then down for a shallow 2 as this is in fact all part of a wave 3 of a larger degree, so brace yourselves!
there are alternate counts that could possibly take us lower, but i think this is the most PROBABLE outcome.
Happy trading and remember that the BULLS ARE COMING! :D
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Update: wave D is in, now we wait for wave E (much like my setup on xrp/usdt), then the leg up for a wave 5, to complete the wave 1 of a larger degree. :)
so far on track
Trade active
long position triggered, i think we still have a bit more to go to put in the E but always front run position entry slightly to make sure it goes through, and go through it did :)
and here's a closer look at the position i entered, the two dashed blue lines were my orders, it took just one wick slightly passed it to go through :D
will keep updating as the trade progresses. stay tuned...
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update: due to the complex nature of the A - E corrections and the fractal nature of EW theory, often times, the E wave can subdivide into an extension triangle of its own, consisting of another A - E wave structure on a smaller scale
and here is a larger scale view:
Trade closed manually
XRP / BTC update:
I started to notice that this might be the setup instead, not a big deal, but it means that we could be still putting in the ABC correction for wave 4, with the B wave forming an ABCDE triangle.
first reason for this is that the A wave has a 5 wave structure ( this can still be looked at as a 3 wave depending on the count, but it looks like its possibly a 5 wave structure).
this means that the ABCDE correction starts at the bottom and therefore will result in a break down of the triangle rather than a breakout.
Also there is a descending triangle forming on the RSI that doesn't look too promising.
A good trader, always should minimise losses and maximise wins, this setup was not a good enough R:R ratio to warrant the risk.
It may well still breakout, but Im not going to take that chance.
you can see here that it could put in a double bottom or go slightly further before setting up for the 5th.
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Update:
here's a revised count, i think that we are still in the ABCDE correction, but that this is only a B wave, and once comeplete we will go down for the C before moving up:
and here are the projected targets, once we reach the C wave.
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so we've hit the target zone as we see below:
and here are the projected possible target zones if we go up to put in a 5th:
there is however a chance that we are still correcting the bigger picture, in other words the final wave down of the bigger picture to put in a Z wave, but lets see..
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