Komodo (KMD) update - Bullish flag forming - Technical Analysis January 22nd

So I had to correct my initial wave structure for this down trend to work out where we are hoping to bounce (I eliminated the huge wick from the pump and dump in all my analysis as it's not relevant).

As you can see, we're forming a bull flag which has been playing out for a while. The uncertainty over the BTC price has definitely trickled down to KMD, so this consolidation took a little longer than expected. However, we're coming to the culmination of the flag, and so we can prep an entry for a nice profit.

Looking at the bull flag, we've had a few touches and we will hopefully see a bounce off support below (if it reaches it) and breakout, hopefully up to new ATH. This is a highly likely scenario, so if you were thinking about getting in, now is the time!

What I focus on mainly is the Elliott wave theory, and I just can't see a completed 5 wave structure on this current down trend that follows the fundamental principles of Elliott wave (on the 4hr mainly). Because of this, I actually now think we are heading for a bit more consolidation, which I hadn't anticipated as I initially drew the completed 12345 wave cycle, but the waves weren't fitting the criteria. So I plotted a new wave cycle, and they all lined up with the Elliott wave principles, and so I now have a better idea of where the price is likely headed.

I have a rough guide on where I think the price action is going to go, shown by the Elliott waves that are yet to complete.
The purple box is my price target. I got this by measuring a 1-1 ratio of the initial vertical breakout of the bull flag, which just so happened to be right at the .618 and .786 lines.
Coincidence? If you know your theory, of course not haha.

Anyway, I hope this basic style of analysis helps you guys. I would appreciate you sharing this with anyone you think may benefit from my work. Thanks!

Peace.

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In my opinion