Hi Folks,
Sandbox/ USDT I learned so much because this pair in the crypto lately.. 4 hour chart.
What do you think about the Elliot wave theory.. What I see is the 5-3 pattern.
I see 5 impulse moves up and then 3 corrective down. And in this 3 corrective moves I see the 3-3-5 subdivision moves.
The question is will this be a Regular flat correction or an expanded flats (will be when we break support $0.57500.-) than the end of the corrective move Wave C must stop at $0.52/$0.525.-
Why I think it may be a regular flat correction is because we see the support line at $0.57500.- is an important and strong one. We have tried to break it once and the bulls immediately reacted with an almost bullish engulfing pattern. The 2nd one we tried to break it but the bulls reacted immediately with a confirmed bullish engulfing pattern. That gives me confidence in this support line.
Excuse me for the little blurriness in the chart but this must be this way to explain somethings..
The blue line in the correction is the main correction line and from Wave B downwards (red line) is the 5 move of wave C.
I expect support to hold so wave C will end around $0.57.- and we can start climbing up again.. if it doesn't hold we will move downwards around $0.52.- and it will end there..
Have your eyes open for some nice trading opportunities in Sandbox/USDT.
Come back when Wave C has ended to talk about the entry .....
Sandbox/ USDT I learned so much because this pair in the crypto lately.. 4 hour chart.
What do you think about the Elliot wave theory.. What I see is the 5-3 pattern.
I see 5 impulse moves up and then 3 corrective down. And in this 3 corrective moves I see the 3-3-5 subdivision moves.
The question is will this be a Regular flat correction or an expanded flats (will be when we break support $0.57500.-) than the end of the corrective move Wave C must stop at $0.52/$0.525.-
Why I think it may be a regular flat correction is because we see the support line at $0.57500.- is an important and strong one. We have tried to break it once and the bulls immediately reacted with an almost bullish engulfing pattern. The 2nd one we tried to break it but the bulls reacted immediately with a confirmed bullish engulfing pattern. That gives me confidence in this support line.
Excuse me for the little blurriness in the chart but this must be this way to explain somethings..
The blue line in the correction is the main correction line and from Wave B downwards (red line) is the 5 move of wave C.
I expect support to hold so wave C will end around $0.57.- and we can start climbing up again.. if it doesn't hold we will move downwards around $0.52.- and it will end there..
Have your eyes open for some nice trading opportunities in Sandbox/USDT.
Come back when Wave C has ended to talk about the entry .....