In our last post we speculated that SPS might be on the verge of the next impulse wave. Let's have another look here:
In this chart you can see the similar movements (the subwaves) over the last 5 months. We have had two major peaks and two very similar looking downward descends (although the first one was much steeper and faster). I speculated that if the first subwave is indeed the fractal for the subwaves to come we should see a small spike and a 90-100% retracement.This is makred in the two red circles.
So what happened?
As always, it never plays out quite as expected, but we got the major confirmation: a small peak and a retracement. What is interesting is that the retracement actually took SPS to newer lows, so that's one thing that is different. The other being that the peak wasn't quite as high as it could have been. However, both peaks in relative terms were pretty much equal with a ~30% increase.
This confirmation gives me enough confidence to propose that prices could rise similarly to September/October again. It is also worth mentioning that SPS had a 83% correction from the peak on October. A correction that high generally means that we will see upward momentum again.
If we project the impulse wave from October onto the current chart we would get something like this:
In no way is it guaranteed to occur like this again, but both impulse waves so far have been clear: when SPS goes up, it goes up by a lot. The bigger question of course is whether SPS will break out of the sideways moving channel it has been in since the start. This is something to watch out for if we get this impulse wave and is still 6-8 weeks out.
There will be resistances along the way. The most prominent ones are shown here:
It will be interesting to see how this plays out. Potentially, there is a ~460% price increase coming up. And if we are indeed in the last phase of the bull market I would expect that SPS breaches the resistance and moves up to perhaps $2-3.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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