If hourly closes below 0.24 (spring-like shakeout) without a quick close above the support line from the bulls means it is not a spring but a sign of weakness and could further head down to 0.17 area. But I am rooting for a long position since it has not seen a lower low for 21 hours now. Average generation of lower low is 13 hours. Sellers are exhausted and supply absorption could already be happening.
Note
looks like the bottom is in. SOS seen early as expected.Note
Dump must not close below the top of support of wave 1 from an elliot wave perspective. So this could be wave C of whole 5 waves of a bigger wave 1. Wave 3 will be epic if it plays out.
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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.