This seems like the most obvious/most simple count now on this , 5 waves to standard fibs, then a Fomo X wave that resolves somewhere in there
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could go as deep as this
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theres a possible horror show here, cos im just thinking - and please correct me if im wrong , but because of staking rewards the circulating supply is even bigger than it was before- because the burn tax hasnt been implemented yet, which means there are now billions more coins for people to dump, hadn't considered this up to now , but that could send it way down surely?
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i understand that some validators are burning rewards but id think that was a drop in the ocean when you weigh it up against total supply ?
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could be headed for a full retrace of the entire wave here
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if it falls below the 2.618, then ill say we are almost certainly looking at a 5 wave structure
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which would be somewhere around the 0.786 retrace of the entire move
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could have the 1-2 of 5 in .
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Not long now - Another day or two i would think,
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we could get a capitulation wick down there somewhere, so it might be worth holding a bit back, and sticking some low limit buys in to catch the falling knife
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tbh, i think theres a fair chance it goes almost to zero again, because my take is, staking rewards are being dumped faster than the market is willing to buy, so its a supply/demand thing, the burn tax has the vote, but nothing happens untill the 20th excepth billions of new coins getting dumped and not enough buyers to slurp
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Should be the final count on this
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so heres the problem, with no break up, weve got a heaad and shoulders here, so what I thought was an impulsive move to the upside, could in fact just be an A-A-C corrective move off of that first high, if you didnt sell above, or bought below, then two words at this point - Stop Loss