Besides fundamental reasons of a massive forced liquidation sale caused by unsubstantial FUD and market manipulation being insanely bullish for Cryptos in general, TRX Is in a beautiful expanding triangle pattern. Both the rally over the last few months AND this correction over the last month are both expanding triangles.
This explains why the last wave down (wave-e) was so violent, because wave-e of an expanding triangle is always the largest wave. Also looking at the bigger picture, we've just completed Wave-D of a larger expanding triangle and now we're going to get Wave-E going UP, which is going to be much larger than the last two waves up we've had over the last few months. Wave-E will probably go to at least $1-2 this summer, potentially higher if we have a large blow off wave.
This explains why the last wave down (wave-e) was so violent, because wave-e of an expanding triangle is always the largest wave. Also looking at the bigger picture, we've just completed Wave-D of a larger expanding triangle and now we're going to get Wave-E going UP, which is going to be much larger than the last two waves up we've had over the last few months. Wave-E will probably go to at least $1-2 this summer, potentially higher if we have a large blow off wave.
Note
Now that Wave-e is equal to 161.8% of wave-c and has retraced waves ABC 61.8% we've likely found the bottom and will begin quickly moving up from here.
Trade closed manually
Very bearish triangle beginning to form here. Seems like we are going to head towards 3-4 cent range next week. Trade active
This has not dropped as expected, and upon closer inspection Wave-a and Wave-c are too similar in price for this contracting triangle to be correct. SO it seems unlikely we will make a new low BUT we could see more consolidation as we wait for this wave to complete. Luckily we're in at the same price we exited so nothing was lost.
Trade closed manually
Looks like this is going to break down now. Going to stop updating these charts and go on vacation. Good luck.Trade active
This new count is probably the better of the two. The expanding triangle count is now my secondary count, not eliminating it entirely but it seems less likely than the contracting triangle.
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I no longer post here. Find me on x.com/intuit_trading
Related publications
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.