Potential DOGE RetraceHi guys,
This goes against my gut feeling due to all the Doge twitter hype, but it does seem to potentially be making a Terminal Wave-C, where the retracement would be 100% of the terminal at minimum (~$0.022).
Wave-5 potentially isn't done and can go higher (if it does my guess would be 10 cents), but I think this is a possibility. Elon's last Doge tweet didn't seem to get quite the reaction that the previous ones did, so it may be losing its lustre temporarily... But overall I am still bullish on DOGE.
Wave-c
Canopy WeedCanopy is retracing downward to find support.
This is too textbook not to hypothesize about. I just had to do it, too many things are aligned.
1. We can see the market structure (and respect) in the demand zone. (i.e. arrows)
Support & Resistance.
2. There is also alignment with 1.0 and 1.618 Fibonacci extensions.
3. This is all respected with a bullish and bearish trend line.
I know a lot of people would buy the demand zone but I like to take the low-risk approach and buy the breakout instead,
thereby I will also verify my hypothesis, though only after waiting to verify that the breakout level is respected.
Thereafter I would probably hold, only to sell at 63-64 CAD (where there is a 1.618 Fibonacci extension of the greater trend)
Happy trading.
Bitcoin - Larger Correction ComingIt seems far too early to keep pushing up, especially as this very long term trend and Fib level idea has held up very well.
I think we need to retest and confirm the lower trendline as support before going up more.
This makes sense as to why altcoins are still moving up. If this was a legitimate resumption upward, money should be flowing in to BTC instead.
There has been two huge volume daily candles, the first a big red day, the second after Elon's tweet which was a green candle but quit bearish, with a long supply wick.
IMO whales used the tweet as a great boost to liquidity so that they could sell.
It is also the top of an Elliot Wave as per my previous idea, so these usually have a much larger/longer correction.
Daily view
SP 500 STILL ON TARGET 3948 4050 WAVE 5 PEAK FEB 9 I am st a 75 % net long from last weeks post .AND HAVE REMAINED NET LONG Long call in CAT DE SPY AND NOW IYT DOW TRANS ONLY AS WELL AS NET LONG US$ still from 89.50 to 89.75 as Well has net long inTLT 158.50 and added at 151.50 I also caught the low in BITCOIN AT 29500 i HAVE SOLD THAT OUT AT 36000. I will post details weekly wave count this weekend in all markets a new world wide event is very near
DJI future is working towards an ABC bounce.The US futures join the morning rally from Europe with the Dow Jones bouncing back from a larger correction (WXY).
We are looking at an ABC wave up that could turn into a 5 wave if momentum stays strong. I favour this because the larger degree trend is still bullish.
WAVES/USDT New Bullish WaveWAVES has seen some crazy gains this year, coming from a value of $0.25.
In the last two days volume has picked up significantly, sending the price upward. Currently, the first resistance to beat would be the R1 line, placed at the ATH around $9. If that one is take out with sufficient force, expect the price to shoot up till $10, R2.
In case we will see another wave, like we have seen two times already this year, we might even see the price hit $15. Although that's something for further in the future.
Happy trading!