LONG TRX TRON UPDATE - SHORT TERM SET-UP
Updated
Welcome back fellow cryptolovers! Here is an update to my previous posting about TRX/btc 6.97% . I want to point out that I do not believe W5T2 will hit, but it is still in play.
As noted previously, we were 4 satoshi off of our target 1 on the last chart, and 10 satoshi off on target 2. Not too shabby. However, I think it is pertinent for us to take a look at the 15 minute chart to get an idea of what to expect leading up to the test-net launch. After that, good luck to all!
As we can see, after impulse wave 1, we see wave 2 retrace to only the .382 level. This means that we can expect a forceful bounce upwards with wave 3, which definitely happened, as the extension of wave 3 reached the 1.618 levels. This gives the possibility of hitting the 2.618 extension levels for wave 5. Assuming wave 4 will be a longer retracement because wave 2 was short, we saw wave 4 retrace to .786 levels. The forcefulness of our impulse wave 5 will be reduced due to wave 4 reaching lower levels, which is why I believe W5T2 will not be reached.
Two targets are in play for wave 5:
W5T1 - 676
W5T2 - 720
The retracement of waves 1-5 depends on the size of Wave 5. If it hits 2.618 levels, we can expect retracement to .382 or .5 of the WHOLE wave 1-5 cycle.
IF Wave 5 hits W5T1
W1-5T1 - 633
W1-5T2 - 621
IF Wave 5 hits W5T2
W1-5T3 - 662
W1-5T4 - 644
Thanks, and as always, if you have any suggestions or comments please let me know!
As noted previously, we were 4 satoshi off of our target 1 on the last chart, and 10 satoshi off on target 2. Not too shabby. However, I think it is pertinent for us to take a look at the 15 minute chart to get an idea of what to expect leading up to the test-net launch. After that, good luck to all!
As we can see, after impulse wave 1, we see wave 2 retrace to only the .382 level. This means that we can expect a forceful bounce upwards with wave 3, which definitely happened, as the extension of wave 3 reached the 1.618 levels. This gives the possibility of hitting the 2.618 extension levels for wave 5. Assuming wave 4 will be a longer retracement because wave 2 was short, we saw wave 4 retrace to .786 levels. The forcefulness of our impulse wave 5 will be reduced due to wave 4 reaching lower levels, which is why I believe W5T2 will not be reached.
Two targets are in play for wave 5:
W5T1 - 676
W5T2 - 720
The retracement of waves 1-5 depends on the size of Wave 5. If it hits 2.618 levels, we can expect retracement to .382 or .5 of the WHOLE wave 1-5 cycle.
IF Wave 5 hits W5T1
W1-5T1 - 633
W1-5T2 - 621
IF Wave 5 hits W5T2
W1-5T3 - 662
W1-5T4 - 644
Thanks, and as always, if you have any suggestions or comments please let me know!
Note
Well. Here's the update.With the wreckage of BTC/USD last night, it pretty much screwed our targets for wave 1-5 retracement.
However, never fear! Another day is here! Do not be discouraged, just be encouraged! BTC/USD will never go away.
Last evening, our beloved TRX hit FULL RESET. PUSHED THE BIG RED BUTTON. EMERGENCY EJECT. 1.0. WOWO. After a small recovery we are now consolidating at 610-615.
Good luck!
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