SUMMARY
AirToken (AIR) is showing a very extended wave 5 and that has consequences in the correction. The depth of the retracement has reached the prior wave 2 level and that is where an extended 5th wave corrects to, usually. However, to a contrarian, this sings of opportunities. Look at the MACD which is hitting higher lows while the price is hitting lower lows. This is a bullish divergence and both are so close to a breakout.
Labeling of the Elliott Waves show that the ABC correction is nearly complete given that the subwaves of red C are almost complete (white abc). Prix is very proximal to the apex. Would this be the time to panic sell or confidence buy?
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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