In the short term, I´m considering that the move up from Jan 10th was impulsive, and we´re now in a RED A-B-C correction.
I have two strategies to go long:
1. Wait for price to test 41k (100% Red A-B-C- extension), which gives me more confidence that the correction may be over, and then wait for a breakout of the blue correction channel.
2. If Blue 61.8% pullback holds (at 41.5k), and the channel is broken and retested, the the correction could also be over.
First target is the resistance at 45500-46000.
I have two strategies to go long:
1. Wait for price to test 41k (100% Red A-B-C- extension), which gives me more confidence that the correction may be over, and then wait for a breakout of the blue correction channel.
2. If Blue 61.8% pullback holds (at 41.5k), and the channel is broken and retested, the the correction could also be over.
First target is the resistance at 45500-46000.
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👍 Simple, actionable content
🌊 Elliott Wave junkie
🧠 Trading psychology hacks
🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
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