GRTUSD - Recovery Rally Update 2Hello!
GRT has been wonderful to anyone who has been trading it from below!
I have a couple of ideas that I will attach to this one - there are many updates within it, and that is where the good info is. I personally averaged in and have plenty from below, and still had buys below that never went through. I am in the positive now regardless, and this is why I choose to average in and out instead of all or nothing.
Right now I think that we get our first decent sized retrace on this run for GRT.
It looks like they may do an Elliot wave type move, and if so, we shouldn't go any lower than 62.4 cents on this retrace. (only a wick into that area that is if we want to follow the EW wave rules)
If not, well, they probably take it close to the .618 for this retrace. There is very good S/R around 62 cents, so this is setting up quite nicely for an EW type move.
Once we do this 4th wave correction, I think that we go and test the trendline, and the next S/R area which goes roughly from about 75 cents to about 96 cents. Depending upon how BTC allows these rallys to take place, we could potentially make it as far as I thought that we might in my original idea, into the 1.20's and even into the 1.50's.
This is with the assumption that BTC does a recovery rally to fake everyone out, and it ultimately fails and everything eventually puts in its true bottom afterward.
So, watch this retracement closely, and do your best to squeeze as much out of this move as possible if they allow it to happen.
I will post updates within this idea as more develops. It is very hard to capture all of the details and ambiguity made in these markets with one single idea - but anyone who trades or does markets regularly would probably know this.
Thank you!
