Long
Polygon Chart Analysis: Daily and 4-Hour Perspective
We're eyeing a particularly interesting chart: Polygon $BINANCE:MATICUSD . On the daily chart, we're observing a very discernible cycle. While we've certainly seen very impulsive upward and downward movements in our last bull market, we've been convinced since the summer of 2022 that we completed a downward correction and have since developed a Wave (1) and (2) with an overshooting B, now finding ourselves in the overarching Wave (3). This should, at a minimum of $2.
🔎 Zooming into the 4-hour chart, we've hit our 50% retracement limit order for the subordinate Wave 2 at $0.74, witnessing a very nice correction to this limit order. On closer inspection, we have an Expanded Flat with Wave B at 138%, which is the maximum for an overshooting Wave B. Thus, this scenario seems to be accurate.
📉 However, there's always a chance that we might dip again, possibly retesting the 50% or even the 61.8% levels. Yet, we should ideally not drop below our 78.6% mark, which is our $0.60 level. Falling below this would make it highly unlikely that we're still dealing with a Wave 2, and should we fall under the 78.6%, we must consider the possibility of a decline to the origin point X, $0.49.
🔎 Zooming into the 4-hour chart, we've hit our 50% retracement limit order for the subordinate Wave 2 at $0.74, witnessing a very nice correction to this limit order. On closer inspection, we have an Expanded Flat with Wave B at 138%, which is the maximum for an overshooting Wave B. Thus, this scenario seems to be accurate.
📉 However, there's always a chance that we might dip again, possibly retesting the 50% or even the 61.8% levels. Yet, we should ideally not drop below our 78.6% mark, which is our $0.60 level. Falling below this would make it highly unlikely that we're still dealing with a Wave 2, and should we fall under the 78.6%, we must consider the possibility of a decline to the origin point X, $0.49.
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Exclusive Trading & Investing Group for Crypto & Stocks! 💎📈
Daily Stocks & Crypto Analysis | Daily Bitcoin ETF Updates | Trading Challenges & more
Join us:👇
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Daily Stocks & Crypto Analysis | Daily Bitcoin ETF Updates | Trading Challenges & more
Join us:👇
🔗 wavemarketcapital.com/
Related publications
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.