Matic Potential short term Bearish setup
Updated
Not saying this is my view, but just laying out a scenario.
Notice that if we do have a 5 wave EW wave 1 and are in a correction now, on the macro scale the wave 1 everyone is laying out (the opening day of trading on matic) it retraced to the .886 before going 10x+ to over .04 from ~.003... Interestingly, if the H&S holds true, the standard way to get a breakdown target is neckline to head = neckline break to target low. In this case would be the .886 of our potential wave 1.
Also, I'm not in love with the wave 1 because the 3rd wave based on the wicks is a 1.27 ext (more common in forex)... on the good side though, the close bodies count/fib level is a 1.618 ex.
Just watching this scenario. If this (slanted) neckline breaks and we see an uptick in sell volume, then we are watching two things, where we get a bounce or if we get a break to new lows... in which case I laid out my worst (kinda best case too) scenario where we retrace to 1.5 cents (618/786 depending on how you line up the fibs) for this entire move... which i'd be happy with because I'd stop out with some profit and then have a spot ready to start looking to for buying back and ultimately have more coin.
manage then risk folks, know the bear case and the bull case.
Notice that if we do have a 5 wave EW wave 1 and are in a correction now, on the macro scale the wave 1 everyone is laying out (the opening day of trading on matic) it retraced to the .886 before going 10x+ to over .04 from ~.003... Interestingly, if the H&S holds true, the standard way to get a breakdown target is neckline to head = neckline break to target low. In this case would be the .886 of our potential wave 1.
Also, I'm not in love with the wave 1 because the 3rd wave based on the wicks is a 1.27 ext (more common in forex)... on the good side though, the close bodies count/fib level is a 1.618 ex.
Just watching this scenario. If this (slanted) neckline breaks and we see an uptick in sell volume, then we are watching two things, where we get a bounce or if we get a break to new lows... in which case I laid out my worst (kinda best case too) scenario where we retrace to 1.5 cents (618/786 depending on how you line up the fibs) for this entire move... which i'd be happy with because I'd stop out with some profit and then have a spot ready to start looking to for buying back and ultimately have more coin.
manage then risk folks, know the bear case and the bull case.
Note
Target hit. basically this hit spot on so far. lets see if we hold or is Matic going more bearish on the daily local bottom>? manage the risk folks
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