Coinbase Update
If you decided to follow me in the trade with COIN, then you're up 9.7% at this time. I am forecasting this pattern to take us to the target box for about a 60/share or 23.5% profit. I cannot guarantee this, so make sure and trade according to your own risk management profile. Right now, I have my stop limit set @ $255 which guarantees at least some profit. This pattern will ideally be in the form of a 3-wave structure. A standard abc retracement will hit the area of the 0.382, then the 0.236, followed by a move to the 0.618-0.786 area. Again, that is if it is to be standard.
We don't yet have confirmation that wave b has indeed started, so there is still a chance that price has intentions of visiting the 1.618 @ $243.34 again. I don't foresee this at this time, but it is possible. Once price can breach $284, I will remove the yellow fibs. This is the big clue that points to wave a being over.
For those wondering, this intermediate pattern fits very well for the larger ED pattern. It would fit even better if price can manage to raise to the 0.786 @ $324.48. Either way though, if it manages to raise to the target box, it will set up wave (4) very well...for both the primary and ALT target boxes...
We don't yet have confirmation that wave b has indeed started, so there is still a chance that price has intentions of visiting the 1.618 @ $243.34 again. I don't foresee this at this time, but it is possible. Once price can breach $284, I will remove the yellow fibs. This is the big clue that points to wave a being over.
For those wondering, this intermediate pattern fits very well for the larger ED pattern. It would fit even better if price can manage to raise to the 0.786 @ $324.48. Either way though, if it manages to raise to the target box, it will set up wave (4) very well...for both the primary and ALT target boxes...
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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