WOO (WOO): Critical Moment -Will we Breakout or Breakdown?
On the weekly chart of WOOUSDT, it appears that we are likely at the conclusion of Wave 4 or very close to it. This is inferred from the slight intrusion of Wave 4 into the level of Wave 1. In the volatile cryptocurrency market, such a minor breach is not considered a true break of the Wave 1 level for us, which is acceptable as long as it doesn’t lead to further declines.
Currently, we are above the last assumed level of Wave 4 at $0.23. We now anticipate a robust rise to the range of $0.65 to $0.88, where the overarching Wave 5 is expected to find it’s end.
On the daily chart, we face some complexity, but it allows us to examine the situation more closely. Since completing Wave 3 and the downward correction to Wave 4—with a three-part structure downward and the formation of a trend channel—we can continue with the assumption that until we break out of this trend channel upward, we won't see a contrary upward movement. There are two scenarios here: our primary scenario anticipates a breakout upwards, followed by a retest where we would enter to continue the upward trajectory.
On the other hand, it's also possible that we could move lower to the Point of Control around 17 cents, where we might place long positions. However, this would invalidate our structure according to Elliott Wave Theory, requiring us to consider a different structure. Unless that happens, we remain optimistic about a potential upward breakout.
Currently, we are above the last assumed level of Wave 4 at $0.23. We now anticipate a robust rise to the range of $0.65 to $0.88, where the overarching Wave 5 is expected to find it’s end.
On the daily chart, we face some complexity, but it allows us to examine the situation more closely. Since completing Wave 3 and the downward correction to Wave 4—with a three-part structure downward and the formation of a trend channel—we can continue with the assumption that until we break out of this trend channel upward, we won't see a contrary upward movement. There are two scenarios here: our primary scenario anticipates a breakout upwards, followed by a retest where we would enter to continue the upward trajectory.
On the other hand, it's also possible that we could move lower to the Point of Control around 17 cents, where we might place long positions. However, this would invalidate our structure according to Elliott Wave Theory, requiring us to consider a different structure. Unless that happens, we remain optimistic about a potential upward breakout.
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