longebane
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The TRON is ready to wake from its slumber

BINANCE:TRXBTC   TRON / Bitcoin

Tron has just completed its second wave after a 93% retrace, and starting to form wave 3 in the 4h view. We are hoping to see a target at the top of resistance from the apex of the previous wave b at 945 sat, with a little wiggle room.

And typically, wave 1 and 3 tends to be a smooth upshot, so we don't want to see it start to tumble down or create sharp zig zags.
评论: Trx has invalidated impulse wave 3 and wave 4 (wave 4 cannot overlap wave 1). However, we are still trading inside a descending triangle, and pricing has entered the very end. What we have now is a volatility squeeze, which is bound to cause explosive movement in either direction. Since we can no longer depend on the Elliot wave pattern, we have to be extra vigilant about our stop loss. A break downwards is still a possibility, so let's keep an eye on which way it goes.
评论: We can also revisit Elliot waves, and see the last pump was actually wave 5 instead of wave 3. If that's the case, we are inside corrective wave b and c, which will need to complete before we return to impulse wave 1
We can also revisit Elliot waves, and see the last pump was actually wave 5 instead of wave 3. If that's the case, we are inside corrective wave b and c, which will need to complete before we return to impulse wave 1
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Is this elliot wave? Shouldn't wave 2 be no more than 61.8% retracement?
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longebane dcardona1
@dcardona1, wave 2 can be all the way up to 99.9% retracement!
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dcardona1 longebane
@longebane, Interesting - I did not know that. Thanks!
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longebane dcardona1
@dcardona1, You're very welcome. The only rules that Elliot Waves have is that:
Wave 2 never retraces more than 100% of wave 1.
Wave 3 cannot be the shortest of the three impulse waves, namely waves 1, 3 and 5.
Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle formation.
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dcardona1 longebane
@longebane, Cool. I can see the opinion that it can go further down but we have strong support at 400-450 sats. Also, with everything going up and chinese new year, I think it's time for a move up
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longebane dcardona1
@dcardona1, it's interesting to see you charted the same wave pattern. Are you still sticking to it?
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dcardona1 longebane
@longebane, No definitely not lol was way off. Learning more each day and hopefully getting better. Getting ready to publish new idea just to keep track of my progress.
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dcardona1 dcardona1
@longebane let me know your thoughts on new analysis.
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