Elliot wave counting - See chart for targets
Comment:
Wave 3 of 3 reached target, consolidation (Wave 4 of 3) done soon - forming a bullflag. 1.618 of recent bullish structure taken at Wave 1 must be broken i.e. 1230 SAT must be broken to reach Wave 5 of 3..
Trade active:
going for Wave 5 of 3. may consolidate abit on the way up.
Comment:
2 Scenarios here:
1st: We are at A wave and have completed 5 waves, 1400 SAT is the top for shorting Which would mean its the B Wave. Then a C wave would lead this back to about 930-1100 SAT..
2nd: We are at Wave 4 of 3, and this last Wave will be go to 1700 1.618 fibo. Exten. from 915 bullish structure Wave 1... I would place sell order at 1660 SAT if 1500 is broken...Might Impulse very fast to 1700..But dont risk it.
Either way...time will tell.. Take 50% profit at 1400 and rest at 1700.
1st: We are at A wave and have completed 5 waves, 1400 SAT is the top for shorting Which would mean its the B Wave. Then a C wave would lead this back to about 930-1100 SAT..
2nd: We are at Wave 4 of 3, and this last Wave will be go to 1700 1.618 fibo. Exten. from 915 bullish structure Wave 1... I would place sell order at 1660 SAT if 1500 is broken...Might Impulse very fast to 1700..But dont risk it.
Either way...time will tell.. Take 50% profit at 1400 and rest at 1700.
Comment:
Every altcoin is bleeding at the moment from BTC...
Comment:
Followed my trend with some precision. But now it is falling of the trend. This is caused by Bitcoin price surge..meaning all altcoins will start taking hit (money flowing from altcoin to bitcoin = altcoins drop) .. EXIT if 1000 SAT is broken..
SL: 1000 SAT..
SL: 1000 SAT..
Trade closed: stop reached:
SL reached