NANO ABCDE Correction - continuation breakout - 70k in Dec?
Updated
Since the reversal and break up in August, NANO has been going through an extended period of consolidation, which now looks to me to be a large ABCDE closed triangle correction. This is normally a continuation pattern and so we would expect a break up and hopefully to continue wave 3 of the master sequence. We could trade this with an entry now or on the break, and shoot for as much as 130% gains on wave 3, assuming at least a 1:1 extension of wave 1 to at least challenge the resistance at 70k sats.
The other very interesting thing about the pattern is the time-based breaks up and down which follow a regular sequence. If this sequence of activity and volume trigger continues, we can expect things to get interesting from 8th/9th Nov. Timing is always the most difficult thing to predict, which is why the regularity on the pattern in this chart is so interesting to me.
The other very interesting thing about the pattern is the time-based breaks up and down which follow a regular sequence. If this sequence of activity and volume trigger continues, we can expect things to get interesting from 8th/9th Nov. Timing is always the most difficult thing to predict, which is why the regularity on the pattern in this chart is so interesting to me.
Comment
Missed the original time cycles I picked out, here is an alternate.. need to hold this position for at least another week to determine if I have this scenario right or now.Comment
The detail on the 1H. We effectively have a descending wedge within the final phase of the ABCDE triangle. Really nice bullish divergence on the 1H built up over the last week or so. Looks highly likely we will go up from this wedge and then we have a change to break up from the triangle. Possible timeline for these moves is 14th to 19th Nov. Volume is abysmal and we need to see that build in a big way to get a breakout.It's possible we dip down again within the wedge before going up. I showed a couple of possible paths here. Something is going to happen and fingers crossed it goes up!
Comment
WRONG FRICKING CHART AGAIN, SORRY!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.