Hello fellow traders!
Hope all is well on your side! Let's get to it. Shortly after my last post where I stated we needed OMG to form a new peak, it did just that. It punched through my proposed new trend channel but bulls could not keep the rally moving and it has since fallen roughly 15% since the peak on Feb 16th. My mind's eye prediction was pretty spot on. This time I've applied elliott wave theory to the chart below to show a possible direction for OMG in the near future. The new green line should act as a support zone as it notes the beginning of wave 4. We can expect a horizontal triangle of sorts to form next. Considering we are in the midst of a bullish trend, an ascending triangle seems most likely to me. I've drawn one in from my mind's eye, again notated in purple. Additionally, the last two 4 hr candles were hammers signifying a reversal from the current corrective wave and the 100 EMA has been steady rising to offer support at the green line which further reinforces my predictions.
As always, have great nights or days, where ever you are. Trade Safe. Trade Smart.