Vechain has printed a nice rally in its chart that so far has yielded a third wave, currently correcting in wave four.
This market may expect to continue its rise in wave five, as depicted.
This market may expect to continue its rise in wave five, as depicted.
Note
A most typical fourth wave correction retraces its third wave by 38.2%. VET has already accomplished another common mark of 23.8%. It is entirely possible, that we could see another drop to the lower level. In either case we might expect the ensuing fifth wave to meet the size of wave three at the 3.816 extension of wave one.Note
Following up on the last aspect, we now have some more market data in, from which it seems likely that this is going to taken another step downward.The price action here on top of the 23.6 per cent Fib line is just not bullish, in fact it looks like to be forming a triangle to continue the correction lower.
Note
How wrong I was about the immediate direction at this step. First possibility of immediate continuation is on.Note
You have to be patient to judge the markets. Both of my choices were justified, and the result is a sort of median outcome.Note
It looks that VET is building a base here above the 38.2% level.In the end it will probably be bitcoin that is the driver to move this market as well.
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The market behaves like the correction is finished.Note
The current chart shows four of the five waves of an impulse completed.Pick your target for the move up. The length of the green arrow is the size of wave three, just one of possible candidates.
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The 200-period MA on the hourly is always a good guide for support. It signaled me that the correction is done.Trade active
Subwave (i) of wave 5 should come in at about $0.049, and wave (iii) at 0.062, but the latter still depends on more market data.Trade active
VET is on the move north finally.Trade active
The pair has broken well above five cents now, and has eclipsed the wave three peak.Trade is pretty well into profits.
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VET has caught BTC’s wind and is sailing this morning. 52 cents.Trade active
With the stormy weather in BTC country, VET has been whipsawed a bit too, going to 54 cents and back to 47. But corrections are good to keep a balance.Proceed the course.
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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.