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Ermanometry

Ermanometric and EWT situation update.I cannot paste images in my last idea, so new idea with situation update. That 5th wave if will occur should not last long, minimum for this is around 7 cents (38.2 length of wave 3rd) maximum rests for trading robots or panic sellers. I will put some pending buy orders @HitBtc and @Zaif but in hope for get fast free of cost XEMs. Before trend change here should be that panic shortlived dump and daily close with intresting candle and long shadow.
HITBTC:XEMUSD
by orminlange
2
Ermanometry - small summary.Since i try to test ermanometry on many instruments only one test satisfy me fast full. Weekly chart of BTCUSD. Erman wrote in his book, that only daily should be used (as the highest timeframe used) but since February 2018 in case of BTC weekly chart is more accurate to get intresting turning points. The lower timeframe (i tried to test even 1h) the more mistakes we get. If You have some questions to the chart above, feel free simply to ask me;)
BITFINEX:BTCUSD
by orminlange
11
Ermanometric bottom here...looks good. It is first time since i analyse XEMUSD, when ermanometric reversal day have worked so accurate. Ermanometry of course is not always so accurate (like resistances and supports levels - see also the previous potential reversal day market as 106 vertical line on my chart, now work like ermanometric pivot and was like resistance @around 12cents), but is worth to look at it for sure. Will be here another wave down or it was a final bottom? Honestly, that can only confirm market behaviour not my wishes. XEM 1.17% is worth to observe - if another wave down will occur it will be much cheaper to collect for longterm hold. 10-12 cents of course looks also cheap, but is around 1bln$ capitalization. We have not uptrend in crypto, there is sometimes FUD produced by Morgans or Goldmans or other branches of banksters, so with that in mind 10-12cents is not yet so attractive. And i expect new bottom @BTCUSD this year, so the upspike @XEMUSD if will occur, should be shortlived - depends on market makers of course (pumpers&dumpers teams).
HITBTC:XEMUSD
by orminlange
6
What to do?It's tempting situation to set pending order @ 5800. Even if the wave down will be longer and if it will attack succesfully that level, there is suport area around between 4000-5000 from which levels always retest of 6000 should occur and this entry can be closed without loss. However conservative players must look @ price action and indicators (1h, 2h and 4h) to see if area 5800-6000 will respond with some bull power, and decide after that - to take or not to take long position here. If i will take this long i will not sell it if i see even bump to 10000 or 20000 (my target is "new bubble" in much or less distant future). This should be longterm long, and should be closed if support from 5800-6000 will be broken. This is not a trading advice!
by orminlange
12