The target I set for wave C on my previous post was hit, however a more bearish correction occurred to 0.618 fib. Where I always believe is possible as its the golden ratio
As stated I laddered my buys up to this point..
Now I believe that the correction is complete I'm hoping for an impulse wave up.
A nice reversal candlestick formed in most timeframes (hammer) however no impulse came from this as a doji candle formed next which shows indicison in the market
A symmetrical triangle is forming which can indicate a strong move up or down at the end and should be played with serious risk management.
The MACD is forming a nice pattern to swing to the positive side, however, Im new to using macd so could be wrong and this is just from quick anaylsis.
The RSI is starting to level off at the slightly oversold area, therefore an uptrend is possible. The trend line could easily be hit again and bounce of that to move upwards
Whilst writing this the triangle has been broke down on the 45 minute time frame and in order to stay in my play I want a strong rejection with high volume.
And may go long once it hits the support on the second chart or bounces from 0.618 fib again.
Stay safe and upvote
Peace, love and crypto
