Hey guys, this is literally my first technical analysis chart I've ever done that was slightly serious. I chose APPC because it was a coin that was presented to me by a friend and before going blindly into a trade I wanted to see if I could do a little TA for myself. I know the coin has good fundamentals, Ive heard and read a lot of good things about it. So decided to take a crack at the TA myself. I want to know anything that I did wrong or didn't do at all. Please, all comments will be greatly appreciated. I'm trying to grow at this and I know there might be stupid beginner mistakes, and like I mentioned, I'll take all criticism as ling as it constructive.
So my main goal was to try to figure out a good buy in point for APPC. I started by looking at the uptrend on the 1hr, 30 min, and 15 min charts. Once i recognized that I then tried to label the first impulse wave and ABC retracement. Once I got my first wave I used the Fibonacci retracement tool to see where wave 2 pulled back to which was in between the .382 and .5 levels. Then I used it again to see where wave 4 retraced to which was .618. This correlates to the rule of Elliot Wave theory that if wave 2 retraces a little then wave 4 will retrace a lot, but never under or into wave 1. Now that I had those retracements I could move on to the next. This time you take it from wave 1 all the way up to wave 5 to get the retracement for the entire wave and we see it retraced just about exactly back to the .5 Fib level (.00007269 sats). This would have been our best buying zone for the next wave up. My estimate was between 7300 and 7450 and I looked at previous supports along with my Fib retracement tool to get these zones. Now we use our Fib extension tool to see where we should set our targets. We set the points at the beginning of wave 1 then to wave 5, then back to where it retraced. Elliot wave says that the normal target is a 1.00 Fib extension of wave 3. If we use those numbers then the target should be just around 8100 sats. I hope I did this the correct way. If anyone can help me or let me know what i did wrong i would greatly appreciate it
https://www.coinigy.com/s/i/5a7b7fdd27fc2/
