OMG is on a completion of a bullish Wolfe Wave pattern.
Market eyes 5.5 - 6.8 usd area as possible reversal. Once point 5 has been convalidated market target would be line 1-4. Around 16usd
Also note that 5.5 - 6.8 area is where daily MA100 will act as support
Technicals of WW:
1 - Points 1-2 should be FARTHER apart than points 3-4
2 - Point4 should exist WITHIN the range of Points 1 and 2
3 - The lines defined by these points should be referred to as Line 2-4 and Line 1-3
4 - Line 2-4 and Line 1-3 should CONVERGE always
5 - IF Lines 2-4 and 1-3 converge DOWNWARD (as in this case), expect a significant rally to occur ONCE price reaches point-5 (RARE), or Point-5' (MOST COMMON), or Point 5" (RAREST EVENT) - This would constitute a BULLISH WW
6 - IF Lines 2-4 and 1-3 converge UPWARD (opposite to this case), expect a significant rally to occur ONCE price reaches point-5 (RARE), or Point-5' (MOST COMMON), or Point 5" (RAREST EVENT) - This would constitute a BEARISH WW
7 - A NEW line should be defined, connecting Point-1 and Point-4.
Lookin at internal construct:
1 - The 1-2 Leg has its own symmetry (sort of a reverse symmetry - do you see what I am talking about?)
2 - The 2-3 Leg is typically a complex ZZ, such as a Double-ZZ or Triple-ZZ. Using the plots I have suggests above, you will end up with the complexity that characterizes this leg without compromising the entire elan.
3 - The 3-4 Leg is often a simpler symmetry, which by using the plots I have suggested above will provide this simpler construction of this leg.
4 - The 4-5 Leg need not be dependent on any internal construction, as much as it would require a Fibonacci cluster in terms of extensions, using the following keys:
a - 1.121
b - 1.272
c - 1.414
d - 1.618
Market eyes 5.5 - 6.8 usd area as possible reversal. Once point 5 has been convalidated market target would be line 1-4. Around 16usd
Also note that 5.5 - 6.8 area is where daily MA100 will act as support
Technicals of WW:
1 - Points 1-2 should be FARTHER apart than points 3-4
2 - Point4 should exist WITHIN the range of Points 1 and 2
3 - The lines defined by these points should be referred to as Line 2-4 and Line 1-3
4 - Line 2-4 and Line 1-3 should CONVERGE always
5 - IF Lines 2-4 and 1-3 converge DOWNWARD (as in this case), expect a significant rally to occur ONCE price reaches point-5 (RARE), or Point-5' (MOST COMMON), or Point 5" (RAREST EVENT) - This would constitute a BULLISH WW
6 - IF Lines 2-4 and 1-3 converge UPWARD (opposite to this case), expect a significant rally to occur ONCE price reaches point-5 (RARE), or Point-5' (MOST COMMON), or Point 5" (RAREST EVENT) - This would constitute a BEARISH WW
7 - A NEW line should be defined, connecting Point-1 and Point-4.
Lookin at internal construct:
1 - The 1-2 Leg has its own symmetry (sort of a reverse symmetry - do you see what I am talking about?)
2 - The 2-3 Leg is typically a complex ZZ, such as a Double-ZZ or Triple-ZZ. Using the plots I have suggests above, you will end up with the complexity that characterizes this leg without compromising the entire elan.
3 - The 3-4 Leg is often a simpler symmetry, which by using the plots I have suggested above will provide this simpler construction of this leg.
4 - The 4-5 Leg need not be dependent on any internal construction, as much as it would require a Fibonacci cluster in terms of extensions, using the following keys:
a - 1.121
b - 1.272
c - 1.414
d - 1.618
Note
OMG eyes point 5 of WW geo.Note
As we can see from the daily chart, MACD as cooled down and crossed 0.At this point i would a last dip to 6.8 - 6.1 strong support area.
Also we would find strong support of daily MA100 (not plotted as not enough data).
Nevertheless this would validate point 5 of WW geo.
What to expect next ?
Once bottomed, in most cases of WW patterns, a strong impulsive move would bring market to line 1-4.
Note
OMG Possible reversalLooking at the daily chart, seems that we have bottomed and reversal is in play:
- RSI oversold
- MACD divergence
- daily MA100 strong support
This could be point 5 of WW geo.
Model eyes line 1-6
16 usd target.
We could retest 6.9 - 6.8 usd.
Note
As expected a new bullish candle brought market to 9 usdWhat to expect now ?
- We need a strong upward movement to break 4hr MA100 and line 2-4 downtrend.
- If we break line 2- 4 i would expect a last test of line 2-4 acting as support before we rally to line 1-4
Note
Keep an eye on daily MACD, after more than 1 month we could see it crossing.That is another good bullish indicator.
Next days we will understand if we are heading up or need a retest of 6.8-6.1 usd are
Note
As expected point 5 of WW geo seems to be the bottom of the WW geo.We can see how market is turning back bullish.
4hr MACD has crossed
daily MACD need to cross for confirming upward movement
What to expect now ?
- Market needs to break through strong downtrend movement (line 1-4) and MA50
WW geo target is line 1-4 (16usd)
Note
OMG has i have previously announced bounced from daily MA100.Daily MACD crossing.
Everything set for a new bull run
Note
As for OMG/ETH, OMG/USD pair bounced from huge support daily MA100 and broke downtrend with a strong green candle. daily MACD crossing confirms bullish movement
Here new target
Note
daily MACD crossed bullishdaily MA100 support as expected
Note
OMG good entry in 6.1 area
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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.