XEM finished corrective pattern, created double bottom structure with higher low a similar pattern that we have seen on Tara before it pumped up.
Expecting strong push up to target range where we have confluence of different resistances:
- major diagonal resistance line
- pivot above fibb 0.618 (that pivot was Target for Tara)
- fibb 0.786 level - that level was reached by XEM in last bull run (2021)
If super bullish than we can also wick Mar 2021 level (0.85$) but in any case once impulse is done we will get a significant correction to reveal future potential trade setups....so even if you exit trade too soon, nothing is lost, you secured profits and are waiting for next trade opportunity.
Expecting strong push up to target range where we have confluence of different resistances:
- major diagonal resistance line
- pivot above fibb 0.618 (that pivot was Target for Tara)
- fibb 0.786 level - that level was reached by XEM in last bull run (2021)
If super bullish than we can also wick Mar 2021 level (0.85$) but in any case once impulse is done we will get a significant correction to reveal future potential trade setups....so even if you exit trade too soon, nothing is lost, you secured profits and are waiting for next trade opportunity.
Trade active
Dipped lower so adjusting the outlook. Whole move since Jan 2018 seems like giant ABC correction bringing price back down to Wave 4 range (as per EW Theory). We are oversold, with local bull divergence and similar wave structure in A and C waves. Therefore plan remains - bounce up and test of fibb 0.786 range aka diagonal resistance line.
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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.