AVAX developed a 5 wave impulsive rally from the October '23 lows.
Wave 3 extended to the 161.8% Fibonacci extension of wave 1-2,
Wave 4 retracing into the 23.6-38.2% Fibonacci retracement of wave 3,
Wave 5 extending into the 123.6-161.8% inverse Fibonacci extension of wave 4.
We are now in a correction and may revisit two important overlapping areas:
1) the 100-161.8% Fibonacci extension of the 3 waves down from the peak at 50's, and
2) the 50-60% retracement from the October lows.
Buying the dips in these areas offers a potential swing trading opportunity.
We will buy at 31.60 with SL at 23.
The highited areas should offer at least a bounce where we will create a risk free position.
Minimum target for the upside is 70-100 area.
Wave 3 extended to the 161.8% Fibonacci extension of wave 1-2,
Wave 4 retracing into the 23.6-38.2% Fibonacci retracement of wave 3,
Wave 5 extending into the 123.6-161.8% inverse Fibonacci extension of wave 4.
We are now in a correction and may revisit two important overlapping areas:
1) the 100-161.8% Fibonacci extension of the 3 waves down from the peak at 50's, and
2) the 50-60% retracement from the October lows.
Buying the dips in these areas offers a potential swing trading opportunity.
We will buy at 31.60 with SL at 23.
The highited areas should offer at least a bounce where we will create a risk free position.
Minimum target for the upside is 70-100 area.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.