Long

Updated

FLOKI-USD: The Vikings are sailing—ATH in Cycle Wave 3

Chart tells more than thousand words.
See my complete Elliott Wave analysis in the prior posting.

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It appears they are out to destroy a zero. But I expect some resistance there, and an opportunity for build-out of positions.

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It has been quiet at the top, and stable. A fourth wave consolidation appears close to finished, having looked above the high already. It’s getting ready to get going in fifth wave, which could easily duplicate the run of wave three.

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The zero was destroyed overnight, with a substantial gain to 0.00013.

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The wave assignment in the previous chart was incomplete and premature, but it was not bad. Recognizing wave degree in such rapidly moving markets is difficult often. It was a little easier at the top, but there the waves were more complex and compressed from exhaustion of the impulse.

After years of doing this I am still amazed by the precision the market accounts for every peak and valley, and how ingeniously Elliott’s wave principle is formulated.

I believe the this leg of the run is finished, having culminated by closing all lower degree fifth waves. This was the third wave of the larger wave degree, and therefore I am expecting a slight pull back before starting wave five.

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A first estimate for correction is the bottom of the fourth wave one lower degree, which is around 0.000105.

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One additional major correction. I called the new market high a new all-time high which is false. I came across another data source which shows one additional peak before what I marked as Cycle I. This means that the first peak in my chart above is simply a B and C wave of correction. It does not affect the relevant structures later. The bottom of the market is still Cycle wave two.

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The fourth wave came in almost as expected, only it was slightly shallower, from 0.000143 to 0.000109 instead of my estimate of 105. It was also a lot quicker than expected, but that is the way things are in moving these markets. Period.
Onto wave five…

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Wave five is in at a price of 0.0001586 or so, and a new wave sequence has emerged pushing higher, driven no doubt by the pressure from bitcoin which is looking for new highs. Oceana and soon Asia is waking up eager to start the work week.
I called wave five finished, because I believe that wave three was extended. If not, wave five could run the same distance. This can still be decided later, only important aspect now is to start a new count with small wave degrees.
Run Vikings, run.

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After watching the Vikings use their artillery over the weekend defending their newly conquered territory, I need to conclude that the fifth wave was not already finished, because the retrace was way too shallow for such an enrichment.
I hope this chart illustrates the situation.
So, we should assume that the rally continues this week with a further doubling in price. The green area marks the possible destination between the indicated Fibonnaci levels. The green arrow marks the duplication of wave three.
Travel well and safe.

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If successful, this move puts the all-time high of FLOKI directly in the crosshair. It stands at o.ooo3436 dollars, according to CoinMarketCap.

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I hope everyone was able to buy this dip over the last few days, a gift of the bitcoin heavens. It is likely to strengthen the rally ahead. This will very far.

The weekly chart shows the power of this move clearly. I have been looking at charts for a long time, and this still looks enormous.

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Notice that this move is likely a third wave in cycle degree. Third waves are supposed to be running for 161.8% of the size of wave one, which I drew in by hand because this data source doesn’t go back that far. 168% takes the price off the chart.

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Nice move in just a few hours.

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The triangle correction is going to be finished shortly.

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It did finish on schedule, and brought a new high in the market.

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On the larger scale p, the picture looks as follows.

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2024-03-13
Motion detector alert.

After sitting in a horizontal saw teeth pattern for a while there is finally price action. A dip below cleared the logjam and we have upward action. The extent has to be seen…

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The breakout from the holding pattern appears a success. The pair has now reach a new year high, and is on its way to break the ATH.
It has gained over 10% so far today. The ATH is about another 10 % away.

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So how are our Vikings doing?
Well, the seas have been rough the past week, with the northern storms of bitcoin raging and whipsawing our light ships.
But calmer waters have returned this past day, no wind, a day of rest mostly.
Prices are still down, but bitcoin finally seems to be picking up again, and so is FLOKI pricing.
The chart has produced a nice Elliott wave which is complete in four waves. The fifth has actually the potential to carry the boat to a new ATH, although that takes quite some energy, and wave extension. More typical would likely be a 1.618 level fib extension, but don’t cut this market short. The chart shows the possibility.

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With the continued indecision of the bitcoiners, the FLOKI took some gyrations as well, extending the wave four in an apparent triangle. No other structures have changed, nir has the outlook for now.
Here is the update.

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The triangle correction in wave (iv) appears finished and an exit wave has emerged with is in its own wave four correction right now.

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Most likely this fourth wave of the exit wave will be finished when the 200 SMA arrives right underneath the price action for support.

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The 200 SMA on this 1 minute chart was only good enough to stop the first leg of the fourth wave. After a counter wave, the final leg went right past it. But the significance of this tool is clear, as then provided considerable resistance above the price action until the fifth wave finally broke above the line.
Throughout the chart we can identify this kind of significance.

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Although the five-wave sequence that I was projecting has come to fruition, the trading in FLOKI has continued to be very choppy. The fifth wave was just a mess. This tells me that this is still a wave in a corrective superstructure.
I believe the correction after this five-wave sows us the way, shown in the following chart. It is a continuation of the larger triangle correction, now in wave E.

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The black lined wave is the five-wave I’ve been tracking.
Wave E needs to be a three to be complete. That should be the final wave of the correction.

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With bitcoin’s continuation in its path, so the time has come for our Viking character to move on.
FLOKI has broken out of its triangle correction and is on its way to print a new high, as well as a new all-time high price shortly thereafter. The marked breakout wave has the Fibonnaci potential to get to a new top, if it just reaches the 1.618 fib level, and a new ATH exactly at the 2.000 level.
Bon voyage.

unbeldi

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FLOKI-USD: The Elliott waves of the Vikings

by unbeldi

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