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Look closely at REN. It might still has some fuel left
Explanation in the chart. If the market finds support at 650 sats support and stabilises above it, this could be the perfect long entry to catch wave 5. Will be updating this post.
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Something is seriously wrong with my English grammar.Nota
It is in its nascent stage of wave 5, by which I mean the wave 2 has been finished. Time to long this market. I am currently unable to enter this market because all my capital is in other trades which are taking time to perform. I did TA and wrote this article beforehand so that I could be ready to long this market as soon as I took profits from other trades.Nota
I meant wave 4 when I said wave 2 in the above comment.Nota
If you find the market is weak and signs of reversal before or at 800 sats. Short this trade. As the correction might not have finished yet. And we may be heading for some complex correction. Look for these patterns to trade - Nota
If you wan t to know more about this type of correction, Read combination corrections in - school.stockcharts.com/doku.php?id=market_analysis:identifying_elliott_wave_patterns
bullwaves.org/complete-guide-elliott-wave-correction-patterns/
forexgator.com/elliott-waves-theory-what-is-a-double-combination/
Nota
Short this trade now. The X wave which I mentioned in the previous chart has topped out. Nota
If the price action looks convincing for you to get in. Don't get in right away. Wait for confirmation of the breakout. Also those who are liquidated by now, do not put any buy stops at the top of 950 or 1000 sats yet. The volume is nowhere near the previous volume when it topped out wave B. There will(not can) be a fake out. Nota
The reality kicked my bias.Nota
Updates from now on to this post are to be considered only as an analysis, as I am clueless of what's going on. I recently came to know of an Elliot wave theory guideline that in standard impulsive patterns, wave-2 should NEVER consume less Time than wave-1 (from beginning to end) AND wave-4 should never consume less Time than wave-3 (from beginning to end). This makes me feel that this sudden price rise is a part of intermediate wave B(green) of primary wave 4(yellow). Also the volume levels in wave B are lower than that in wave A of primary wave 4. But how do we know whether these impluses are standard or not?What if I drew the wrong Elliott waves and we have already completed primary wave 5 and this giant ABC correction is after it?
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If we consider the case that we have already completed primary wave 5(yellow), then we will be moving sideways until 21st August.Nota
After practising elliott more, this is what I conclude - Nota
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Second target for subminute wave 5 in the above chartNota
Updated chart - Nota
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.