Stratis (STRAT) Update - Possible B wave before C wave correction? - Technical Analysis January 30th

So I have just taken another look at STRAT, and I've recharted my Elliott waves, to give myself and you guys a different perspective. This is very subjective, but as long as we ALWAYS follow the fundamental principles of Elliott wave, we can chart trends and project possible targets based on the Fibonacci sequence.

So, today I'm looking at the 4H chart. What I can see is that with my current Elliott wave count, we are most likely finishing off the B wave. We retraced nicely to the .382 fib, which is healthy enough, but I'm expecting a bit more, maybe to the .5 line.

We may also bounce off the blue support, where the trend line support meets the horizontal support (purple circle) which would suggest that we are ready to go onto sub wave C within the B wave I have plotted on the chart in green.

What I'm doing, like always is wait until I can confirm we are reversing the trend :) If we break down through both those lines, my next target would be to see if we hit the .5 fib line, which is just below the 0.001 range. That's quite a big psychological number so we won't want to break through that.

Overall I'm confident that if we come down and test the .382 again that we'll bounce nicely and end up with run before we correct into our impulsive C wave down.

From the chart I've attached, the C wave finishes around the .382 region, so I'm looking for a completion of the B wave and confirmation of a reversal, and only then will I make a trading call. I do think that if we test the .382 region again this is a great entry point. However I'm going to let things play out before I make a call.

I hope this perspective gave you a bit more data on the direction of the price action, so you can make confident entries and exits based on your charts :)

Peace.

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