The problem with technical analysis is that, you cant really predict what price will do with 100% accuracy. When you're doing TA, some ideas are popping one after another, and you are choosing the most probable one. So in that way, you have plan "A" plan "B" and sometimes even plan "C". The hardest thing in TA is to predict what a correction will do and what it will be like. Excellent example is TRON (TRX).
At first I was pretty sure that wave 4 is over, and we're heading to wave 5.
The "Falling Wedge" formation was crucial here, and I know that the moment TRX fell below that line, we can still be in small wave 4.
The second crucial point was that brown line, which were wave-1 top, and from "Elliott Waves Principles", we know that wave 4 cant go lower than top of wave 1 (there are exceptions to that rule).
So there you have it, it seems that we're still in big wave 4 (not a small wave 4), with "Triangle Formation" or "Pennant Formation" if u like, being formed.
And I'm still bullish on that wave 5.
This formation is indeed a bullish one, but if you want to invest now, be carefull about the lower line of that formation. If it would break, we could end up in more complicated wave 4.
And, of course, look for breakouts at the top line of that formation, to reach that wave 5 move.
In my analysis I'm using Fibonacci Levels, Elliott Wave principles, Support and Resistance lines, Candle Patterns and formations, like Head and Shoulders or Triangles (latter more often than the former).
DISCLAIMER
I’m not a certified financial advisor nor a certified financial analyst nor an economist nor an accountant nor a lawyer. The contents posted by me are for informational and entertainment purposes only. Don follow any analysis blindly, and make your own decisions. Always plan your trades and play with stop-loss.
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