Well, we are correcting!! Told ya didn't I? i hope you all switched to short from long. We already came down almost 500 satoshis
As far as I can see, this 5 Wave Structure for our A wave of the ABC Corrective Pattern is working out beautifully. We already have Waves 1-4, wave 3 bouncing right off the 0.236 Fibonacci Retracement (aren't Fibbs cool!) and are on our 5 leg down. Our wave 2 retraced to the 0.382 Fibb and our wave 4 to the Golden Pocket 0.618. So now I'm expecting the bottom of our A Wave (Wave 5).
Now once we finish our Wave A I put the Wave B retracement at the 0.618 Fibb in the Golden Pocket, then its down down down from there to the 0.328 to complete Wave 4!! WOO!!!
And Finally.... PUMP ACTION TIME! We gonna get outta this world coming up.
I'm not calling a trade on this because Counter Trend trading is very risky, as wave A is almost complete and wave B is a Counter Trend move. Wait for verification of Wave C if you would like to short
Target for wave 5/A around 2950 Satoshis,
Target for wave B around 3290 Satoshis
Target for wave C is to be determined when we have more data! Don't wanna get to ahead of ourselved
If you would like to see how this plays out here is the link to my idea on TradingView
https://www.tradingview.com/chart/ADABTC/3dP2HNT6-Coming-In-Hot-ADA/
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management!
Feel free comment any questions or chart requests you may have below. Happy trading!
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