Coinbase GlobalLong
COIN NEOWAVE ANALYSIS (DAILY)
Experimental analysis with the intention to follow back later on as I am still learning
After posting the weekly chart, I decided to take a look at the daily chart to see if I could spot any clues,
Initially, it looked like an expanding triangle, but after reviewing it thoroughly, it did not meet the requirements.
The only other formation that could fit this structure is a terminal impulse.
In this scenario, Wave 3 is the extended wave, doubling the size of Wave 1.
Typically, when Wave 3 is extended, Wave 5 tends to equal the length of Wave 1. If not, then Wave 1 will usually be either 61.8% or 161.8% of Wave 5.
With this in mind, I would anticipate a minimum 20% upside, a 35% medium target, and a maximum target around 65%.
Obviously, we can only get a real target once wave 4 is over.
I do expect this terminal pattern to be part of a complex correction featuring an X wave, or to be the first leg of a larger corrective structure.
If you read my weekly analysis, you will understand that this complex correction will end wave G, which would end the B wave. This daily chart hints at a stronger B wave, which would put COIN in a bullish long-term trend.
Note: Since this is a daily chart, the probabilities of failure are even.
After posting the weekly chart, I decided to take a look at the daily chart to see if I could spot any clues,
Initially, it looked like an expanding triangle, but after reviewing it thoroughly, it did not meet the requirements.
The only other formation that could fit this structure is a terminal impulse.
In this scenario, Wave 3 is the extended wave, doubling the size of Wave 1.
Typically, when Wave 3 is extended, Wave 5 tends to equal the length of Wave 1. If not, then Wave 1 will usually be either 61.8% or 161.8% of Wave 5.
With this in mind, I would anticipate a minimum 20% upside, a 35% medium target, and a maximum target around 65%.
Obviously, we can only get a real target once wave 4 is over.
I do expect this terminal pattern to be part of a complex correction featuring an X wave, or to be the first leg of a larger corrective structure.
If you read my weekly analysis, you will understand that this complex correction will end wave G, which would end the B wave. This daily chart hints at a stronger B wave, which would put COIN in a bullish long-term trend.
Note: Since this is a daily chart, the probabilities of failure are even.
Note
Since wave 2 was very deep and simple, and ended up tagging 0.786 fib we can expect wave 4 to alternate by being very shallow and complex the complexity can already be observed through the long consolidation and yesterday's strong move tells me that we are on the last leg of the correction and the consolidation can finish soon
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