Wave 2 Cannot retrace more than 100% of wave 1
Wave 3 must surpass wave 1 (i.e no double tops)
Wave 4 cannot retrace into wave 1 territory
So right now it looks like we completed wave 1 yesterday. It was a beautiful impulse wave up! It came out of nowhere and probably caught a lot of people by surprise. We are currently in the middle of wave 2. It looks like we are trying to fight the 0.5 fib region, but we may retrace to 0.618 (golden zone) or even 0.786. Depending on where wave 2 bottoms out, we can get a projection for wave 3. We know that it must extend at least further than the peak of wave 1, so at least to 874 satoshis, but we are looking for a strong wave three. At lease 1000 satoshis or more. Wave three will be the target for now! We will see what happens in wave 4 and see if we can get some momentum on the long, lost XVG! Happy trading!
Other Key Points Beyond Wave:
We have officially broken the 55 (Yellow Line) and have it on the bottom supporting the trend up (something that hasn't been done since the beginning of January!)
RSI: KEY Resistance was finally broken. Since DECEMBER We have not been able to peak above 70 . This was finally broken yesterday (Red Resistance Line) and it is looking like it wants to bounce off the green support. (Green Support was the Territory from its massive runup in December).
So this wasn't as short and concise as I wanted it to be, but I am super excited because I really do think this is the count! The wave count is valid so far, Resistance has been broken, resistance has been broken, and there is only so far down a coin can go! As always, be careful. If we do happen to retrace further than 100% of wave 1, that is a failed wave and XVG will only correct further, but I just think there are too many dominos falling into place!
Like you, I am back for from the 2, and hoping for an extending 3. I will take all out at that stage and wait for the next bull confirmation, to see if I go back in for the 5th.
Good luck with your trades!
Good luck to you.