As per my previous technical analysis (TA), I was correct in thinking that GALA's correction is not completely finished.
Elliott Wave Context - Wave 2 Correction
Referencing Bennett McDowell’s 'Elliott Wave Techniques Simplified' (highly recommend reading it if you are serious about trading):
Given that GALA hit the 0.50 Fibonacci level relatively early in this correction, it seems relatively possible that we may now correct to the 0.618 Fibonacci level.
Key Support Levels to Watch:
Elliott Wave Context - Wave 2 Correction
Referencing Bennett McDowell’s 'Elliott Wave Techniques Simplified' (highly recommend reading it if you are serious about trading):
- 15% of Wave 2 corrections retrace between 23.6% and 38.2% of the Fibonacci levels.
- 70% of Wave 2 corrections typically retrace between 38.2% and 61.8%.
Given that GALA hit the 0.50 Fibonacci level relatively early in this correction, it seems relatively possible that we may now correct to the 0.618 Fibonacci level.
Key Support Levels to Watch:
- Monthly Support @ $0.398 or;
- 0.618 Fib Level @ $0.03619 - $0.03416
Summary
GALA's price action aligns with typical Elliott Wave Wave 2 correction behavior. I remain cautious but will closely monitor these support levels for potential bounces to confirm the next move.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.