CND continues to correct

BINANCE:CNDBTC   Cindicator / Bitcoin
In Elliot wave , corrections are often in a channel with multiple overlapping waves. The rule states that these waves will eventually be completely retraced and that price will eventually go above the previous impulse wave. Assuming this is a second wave correction, second waves often retrace atleast 61.8% of the previous impulse wave( wave 1). This is the case with CND right now. Price is in a channel correction.
How do we trade these corrections?
It has pierced the 50% retracement level so we are looking at price to at least go to the 61.8% retracement . Aggressive entry would be to ladder (buy) into a position at the 50% 61.8 and 78.6% levels.
A conservative approach would be to wait for confirmation of a reversal. The first sign is a small impulse wave in the opposite direction of the correction. Another sign is a strong break of channel with good volume . Another possible sign is a head and shoulders formation.

Each of these signs could be used as a reason to closely watch a pair, or could be used to enter into a trade.
Well done.
回复 it time?
BRETTGUS1 mors2024
@mors2024, look for bottom signs. 1 a divergence on RSI. Head and shoulders formation. breaks of trendlines. RSI higher high, higher lows. atleast three strong candles with increasing volume.
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的客服工单 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出