Looking at VTC, it has completed two consecutive sequences of Elliot wave. We just reached the peak of the second sequence so we're due a healthy ABC correction. I've suggested some targets here, based on the Fib-levels of the previous ABC correction.
(A) - Last time located around the 61.8-line, applying this again would land us around 22k
(B) - Will be just below the 1.618 level which coincides perfectly with a resistance line located just under 40k.
(C) - Finishing the corrective wave would place us at the .382 level, taking us all the way back at 16-17k.
There's a lot of buzz and confidence in this token, so this might play out completely different, but this is what I came up with. Let me know what you think!
(A) - Last time located around the 61.8-line, applying this again would land us around 22k
(B) - Will be just below the 1.618 level which coincides perfectly with a resistance line located just under 40k.
(C) - Finishing the corrective wave would place us at the .382 level, taking us all the way back at 16-17k.
There's a lot of buzz and confidence in this token, so this might play out completely different, but this is what I came up with. Let me know what you think!
Note
Updated view on the ABC correction, depicted two potential scenario's here. Either a big correction taking us back maybe as far as 30k at the .236 line.
Or a smaller one, which would keep us above 50k from where we move into the next set of impulse waves.
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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.