MATIC on Correction wave C 4HR

Updated

Looks like we're in correction wave C short term. Once completed and we don't fall below our S2 support, could be the completion of wave 2 of a bigger Elliot Wave.

S1 support @ 114 Sats. S1 has been the holding the market for quite some time until recently, but is looking weak at the moment.

S2 support @ 80 Sats. Breaking below here would confirm continuation of big downtrend and invalidate our bigger Elliot Wave.

R1,R2,R3 are significant resistance we have to break through along the way up.

EMA's heading towards a bearish crossover

Market broke up above our 200 SMA (red) but failed to hold as support. Might go up to test as resistance in the next couple candles. BUT If 200 SMA becomes strong resistance, then a good chance that it could be an extended correction wave and signal further downside.

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Note

Here we go to Daily Chart for an update.

The downside ensues as we broke our S1 support.

Fib Retracement in white - Currently, we have landed on the 0.236 fib retracement of our recent low to recent high. It is looking like we will hold for an up move. If it's not a strong impulse wave then we should see S1 switch over to resistance; near our 12 EMA(yellow) and our .382 fib retracement; where we might face a rejection.

EMA's in yellow/purple - Still showing downtrend on Daily. Resistance along EMA will signal more downside action. Still no sign of a bullish crossover.

Conclusion - We could be making a move up to test S1 as resistance, if it acts as resistance then we're likely to find a rejection. If we get an impulse wave strong enough to break our R1 and R2 resistance, then we could be entering wave 3 instead of an extended correction.

Note

Set-up is looking beautiful on both 4HR and Daily.

On the 4HR
MATIC made a wonderful bounce off our 0.236 Fib retracement from our most recent high and low. Not only did we manage to break above our 200 SMA (red) but we managed to find support which is a great confirmation.

EMA's(yellow/purple) heading for a bullish crossover.

MACD bullish crossover

Conclusion - We could be gearing up to break our R1 resistance.

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Update on 4HR

We've broken above our R1 and R2 resistance.

We could be completing a wave 4 with a fib retracement bounce at 0.618(140 Sats) of our white fib retracement. Just need to break above our R3 resistance now to for wave 5 to complete which will be wave 3 of our bigger elliot wave.

EMA(yellow purple) - still in uptrend. EMA's acting as strong support which is bullish.

RSI - Neutra

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[https://imagehttps://www.tradingview.com/x/M7poj7bh/
Update on 4HR

Not as strong as an impulse wave as I had hoped for, we were close to but couldn't make a new high. But we do have strong support sitting near our .618(140 Sats) and .5(130 Sats) fib retracement. Next support after that would be our yellow dotted trendline.

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https://www.tradingview.com/x/vjBJePs4/1HR Chart

Possible bearish M pattern. We are testing 140 Sat Support as I type. Be cautious.
Could fall to R1 where 100 SMA (orange) is at 130 Sats.

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1HR chart Update short term.

Possible bearish M shape pattern. Testing our support at .618 Fib retracement @140 Sats also 50 SMA (green). A break below 137 Sat could send us to test our next support at 130 Sat where we have our .5 fib retrace and also 100 SMA (orange)

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4HR Chart Update

Looks like we've never completed our 5th wave but we still held our support @ S1 140 Sat. We can find our next support @ S2 133 Sats. Prices are consolidating in yellow dotted wedge and is coiling up for price action soon.

Detective_Conan

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