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.
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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.
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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