SCUSD $0.008 After Correction? Elliot Wave Analysis
Green = entry zone, red = sell zone
Preface: I am NOT saying to enter at the time of posting. PLEASE READ.
Explanation on the Fibonacci levels on the graph:
-Wave 2 retraced 78.6% of wave 1, meaning that it is very likely that wave 4 will retrace, at most, 23.6-50%. Since a 50% retracement would put wave 4 below wave 1, I have only put 23.6%.
-Since wave 3 did a nearly perfect 100% extension of wave 1-2, I have set the price target at a 161.8% extension of wave 1-2 on wave 5.
-While RSI is performing well from high to high, it is a rising wedge. It means a short correction term is likely.
If you have any questions or feedback, feel free to leave them in the comments. I have been unable to reply to comments recently due to moderation action, but if I can't respond because of this feel free to PM me.
Bitcoin tip jar: 1GE36bSw7uq8CbaPoYybtEArE58qHF1uRe
Preface: I am NOT saying to enter at the time of posting. PLEASE READ.
Explanation on the Fibonacci levels on the graph:
-Wave 2 retraced 78.6% of wave 1, meaning that it is very likely that wave 4 will retrace, at most, 23.6-50%. Since a 50% retracement would put wave 4 below wave 1, I have only put 23.6%.
-Since wave 3 did a nearly perfect 100% extension of wave 1-2, I have set the price target at a 161.8% extension of wave 1-2 on wave 5.
-While RSI is performing well from high to high, it is a rising wedge. It means a short correction term is likely.
If you have any questions or feedback, feel free to leave them in the comments. I have been unable to reply to comments recently due to moderation action, but if I can't respond because of this feel free to PM me.
Bitcoin tip jar: 1GE36bSw7uq8CbaPoYybtEArE58qHF1uRe
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