Why I’m Holding Off on Entering Gala

Gala appears to have possibly put in its ABC correction, bouncing at $0.03719, which narrowly missed my 0.618 Fibonacci target of $0.03592 from my previous analysis. I have a buy order placed at $0.03493, and the price has since rebounded to $0.040, a level that has acted as a point of support for some time.

What’s Next?

This level could mark the bounce area, but I’m holding off on entering the market until I see clearer confirmation on the charts. My approach involves dual time frame momentum trading, where I align trades with the direction of a higher time frame and identify entries on a lower time frame. Currently, none of the time frames are aligning to signal a good entry, which suggests the market may still be in the correction phase.

I’m keeping a close eye on the 4-hour chart for signs that the correction is concluding. Based on the current price action, I believe we’re either at the end of the correction or very close to it. However, my buy order at $0.03493 remains active.

Let’s see if the price moves back down to hit that level. Fingers crossed!