We have corrected into the Fibonacci green, but have we corrected enough?
We've had a nice threewave correction into the above Fibonacci target zone.
The weekly stochastics are still a bit high, but the daily and 8 hour have pulled back nicely. Some divergence on the MACD's on the 8 hour.
The Huobi10 has corrected to its previous wave iv.
The total crypto market is not far from correcting to its previous wave iv.
Litecoin has corrected nicely
So has Cardano
EOS
Tezos
Dash
Conclusion:
A move up must be expected. Whether this will be a correction from the oversold lows or a large and strong wave up - be it an extended wave v or a new wave 3 - is unclear.
I am looking to open a synthetic straddle long in order to be protected and still profit both ways. Meaning I've just bought perpetual futures at Deribit and hedged this with puts Augustus 10k in order to have a delta neutral position. I will adjust this position as we move along.