Coinbase Update: Retrace ImminentI want to start by reminding everyone, I don't control your accounts. You and you alone decide when to buy or sell yourself. I post my trades on here to be transparent and give y'all a glimpse into what I am doing personally. If you feel strongly price is going to continue up with this momentum tomorrow, then make a decision based on your own thesis. Don't mirror me/my trades and then get mad when it doesn't work out how you wanted. My entire outlook on this trade, is I made over a 32% profit in 7 days (5 trading days) without bottom/top ticking. Regardless of if this thing continues to go up or not, I am happy with the money I made. I don't try to be greedy and get every dime possible because that's how you end up losing money in what should have been a successful trade. As one of my followers has said in the past, "Profit is a thief, so book it while you can".
That being said, as I have been stating for days now, this could always extend higher. There is no doubt it has had strong price action and is in a bull trend. However, price moves in a cyclical manner and a retrace is needed at some point to carve out a wave (ii). It could be extremely shallow and short, but it WILL carve out a wave (ii) at some point. According to fibs that time is coming in the next day or two. Will earnings cause the drop? Or will it carve out an a wave tomorrow, with earnings causing a b wave higher before a c wave forms on Friday? We will know soon enough.
As always, I am tracking an ALT count, and it suggests wave (i) & (ii) have already been carved out and this is the wave 1 of (iii). If this is the case, then I would expect price to hit the turquoise 0.786 @ $169.85 before dropping for wave 2 of (iii). MACD suggests this is not the optimal count but as y'all know it isn't the end all be all. That being said, structure doesn't favor this count either. Both structure and MACD point my current primary being the optimal count. Either way both counts point lower in the very near future.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
