GALA / TetherUSLong
Gala Update: Wave A Complete, Wave B in Play
Updated
This analysis is subject to pricing holding support at $0.03441.
Wave A Analysis
I believe we have completed Wave A of an A-B-C corrective structure, with us hitting 2 price targets in my previous idea. Wave A consists of 5 impulsive waves, as mapped out above, and has landed in a key reversal zone — specifically between the 0.618 and 0.65 Fibonacci levels. This is a significant area where price historically tends to bounce.
Additionally, Wave A ended with a swing failure pattern (SFP), which often signals a potential reversal to the upside. However, it is critical that $0.03441 holds, as this has proven to be a significant level of support in the past.
Wave B Analysis
At this point, I am uncertain about the exact corrective structure of Wave B. For now, I am assuming a standard Zig-Zag Correction until proven otherwise. Wave B usually retraces to the 0.50 Fibonacci level, with a target price of $0.03866.
This level has strong confluence for several reasons:
Wave C Analysis
Looking ahead, my target for this correction remains, targeting the 0.786 Fibonacci level at $0.02794. If you refer to the Weekly chart an text book A-B-C correction down to this level seems quite obvious, with Wave C forming a lower-low from Wave A on a higher time frame.
In addition to the above considering the depth of Wave A, a retracement to 0.786 fib level seems plausible. Furthermore, I anticipate Bitcoin revisiting prices below
87K which will likely be the catalyst for dragging Gala down to the lower levels.
Bitcoin dominance remains stubbornly high, I would hope to see this fall off a cliff soon as all the metrics are lining up for Altcoin Season except for Bitcoin Dominance. These broader market metrics strengthen the case for Wave C to reach the $0.02794 target.
Wave A Analysis
I believe we have completed Wave A of an A-B-C corrective structure, with us hitting 2 price targets in my previous idea. Wave A consists of 5 impulsive waves, as mapped out above, and has landed in a key reversal zone — specifically between the 0.618 and 0.65 Fibonacci levels. This is a significant area where price historically tends to bounce.
Additionally, Wave A ended with a swing failure pattern (SFP), which often signals a potential reversal to the upside. However, it is critical that $0.03441 holds, as this has proven to be a significant level of support in the past.
Wave B Analysis
At this point, I am uncertain about the exact corrective structure of Wave B. For now, I am assuming a standard Zig-Zag Correction until proven otherwise. Wave B usually retraces to the 0.50 Fibonacci level, with a target price of $0.03866.
This level has strong confluence for several reasons:
- It aligns with a previous point of control.
- Just above it sits Weekly Resistance at $0.03944, which will likely serve as a significant barrier.
- The EMAs in this range could converge to form a strong resistance zone, potentially marking the end of Wave B and setting the stage for Wave C.
Wave C Analysis
Looking ahead, my target for this correction remains, targeting the 0.786 Fibonacci level at $0.02794. If you refer to the Weekly chart an text book A-B-C correction down to this level seems quite obvious, with Wave C forming a lower-low from Wave A on a higher time frame.
In addition to the above considering the depth of Wave A, a retracement to 0.786 fib level seems plausible. Furthermore, I anticipate Bitcoin revisiting prices below
87K which will likely be the catalyst for dragging Gala down to the lower levels.Bitcoin dominance remains stubbornly high, I would hope to see this fall off a cliff soon as all the metrics are lining up for Altcoin Season except for Bitcoin Dominance. These broader market metrics strengthen the case for Wave C to reach the $0.02794 target.
Trade active
Price has fallen below support of $0.03441.
I previously said that I was looking for a solid close below $0.03441 on the 4 hourly to invalidate this theory however given how choppy price is I am now looking for a daily close below this price.
Essentially, as you will see price broke out of the channel, came back to back test it and fell straight through the channel, we are now looking for price to break below the channel and back test the the channel to confirm it is now resistance.
Its highly possible that this will happen in which case lower targets are expected.
I believe on initial review, that the B wave was an ABC into a descending channel, with the C wave now playing out.
Note
Price has broken out of the channel but I am skeptical of the breakout as price is increasing on low volume. Seems like it could be a fakeout will have to see -
Note
What a wild 24 hours, if you didn't strap in you would definitely have a bit of whiplash the markets swung around like a rodeo show.
Since new candles have been put in, I can review Wave B correction, I had previously drawn out a Decending Channel, but have now shifted to an Ascending Channel as illustrated below (could also be a traingle depending on how you want to draw it), either way both are usually continuation patterns.
If Wave B is infact an Ascending Channel Correction, than confirmation will be when price falls below the bottom of the channel.
My bias remains bearish, as I am tracking an A-B-C correction so with B playing out with an impulse up I am now expecting a C wave to the downside to complete.
Momentum indicators on higher time frames (Daily & Weekly) are about to turn bullish, however the lower time frames (4 Hourly) are bearish. What this means to me is that in the very short term I am expecting bearish price action to complete Wave C and for the market to make a quick turn around to the upside.
Note
Still bearish, price action is in manipulation overdrive sending out as many false signals to trap buyers. Even I woke up and thought, "hmm, maybe we are bullish" but then I seen that XRP broke out on low volume and I was thinking, they are really trying to make the market look bullish.
The charts are bearish, because I can't trust price action I am leaning into Elliot Wave Theory and trusting that the C Wave will be put in. Hopefully today, as the suspense is k!lling me.
Note
I thought I would get this out. Ok so my original post above was right, with Wave B impulse going to a target of $0.03866 and then price rejecting downward to form Wave C.
My previous notes have suggested that the Wave B correction was an ABCDE correction inside a channel, as we are aware wave B consists of 3 Waves (A,B,C,D). Wave A = Ascending Channel, Wave B = Zig Zag, and Wave C will take us to my original target of $0.03866.
The weekends price action was really doing my head in I was totally scratching my head, anyways when today put its price in I was like...... OHHHHHHHHH so obvious!
Anyways, an update just incase you find yourself fomo'ing into Gala. Be prepared, I think the C Wave correction is going to be EPIC. But I will wait to see the rejection.
Note
Sorry ignore my last post above I jumped the gun. As per yesterdays idea. Trade closed: target reached
Its confirmed Wave B has been put in at $0.03735 and we are now in Wave C which is the final correction. After this I believe we will head into Wave 3 (possibly the start of Alt Season).
Wave 3, consists of 5 impulsive waves down. I have no idea what the impulsive waves will be, the illustration is a guess only.
Technically speaking Wave 3 only needs to drop below 0.02956 however based in my TA I am targeting Price Zone 1 $0.02772 and Price Zone 2 $0.02431.
If we fall through Zone 1, I will be expecting Zone 2.
Note
Thank you all for following me.
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