We have some more clarity with the local AAVE pattern and it does appear to be an Elliot wave ending diagonal. After a strong wave 3 ending diagonals form as a terminal pattern with a thrust above the trend line threshold and drop back down to complete a higher degree motif wave 1.
The following retracement has a high probability of terminating at the wave 4 bottom which in this case is at the High Volume Node support and 0.5 Fibonacci retracement at $210.
RSI has printed a series of bearish divergence from overbought but this took a long time to play out!
Analysis is invalidated if price breaks above $400.
Safe trading
The following retracement has a high probability of terminating at the wave 4 bottom which in this case is at the High Volume Node support and 0.5 Fibonacci retracement at $210.
RSI has printed a series of bearish divergence from overbought but this took a long time to play out!
Analysis is invalidated if price breaks above $400.
Safe trading
PhD Candidate: Investing, Sentiment & Social Mood
MSc Financial Econ
Technical Analyst 7 years
Trader / Investor 14 years
DeTrended Metrics Report (Free): detrended.substack.com
Members Only Trading Signals: tradesignals.substack.com
MSc Financial Econ
Technical Analyst 7 years
Trader / Investor 14 years
DeTrended Metrics Report (Free): detrended.substack.com
Members Only Trading Signals: tradesignals.substack.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
PhD Candidate: Investing, Sentiment & Social Mood
MSc Financial Econ
Technical Analyst 7 years
Trader / Investor 14 years
DeTrended Metrics Report (Free): detrended.substack.com
Members Only Trading Signals: tradesignals.substack.com
MSc Financial Econ
Technical Analyst 7 years
Trader / Investor 14 years
DeTrended Metrics Report (Free): detrended.substack.com
Members Only Trading Signals: tradesignals.substack.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.