Follow up idea to find targets for related idea (Trade entry: breakout of red trendline):
My view of the current price action is that we are in wave 3 of wave 5 of the uptrend.
Usually wave 5 extends wave 3 but in some cases its truncated and the rally ends earlier.
So the very bullish case here is a new all time high near 0.04 with a cup and handle before.
BUT there is the possibilty that wave 5 is truncated and not making a new high then we might looking for a target near the fib levels.
My view of the current price action is that we are in wave 3 of wave 5 of the uptrend.
Usually wave 5 extends wave 3 but in some cases its truncated and the rally ends earlier.
So the very bullish case here is a new all time high near 0.04 with a cup and handle before.
BUT there is the possibilty that wave 5 is truncated and not making a new high then we might looking for a target near the fib levels.
Note
20*4h consolidation bars about to expire soon Note
kraken adds xmr to its exchange blog.kraken.com/post/155126375697/kraken-launches-monero-trading
Note
next events to watch:2017-01-06: Fluffy talking at Coinbase
2017-01-09: Hardfork for ring confidential transactions
both dates start with a fresh 3day candle opening, which is my favorite timeframe for monero. (check 3day chart with ma20/bb20)
Note
increasing position here 0.0152Note
scaling out a bit, take partial profits to have ammo for potential etc rallyNote
ABC with adjusted wave count vs Wave 5, Note
ltc and etc stealing the show, secure positions in case of people swaping xmr to other coinsTrade closed: target reached
sideline here, gl everybody
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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.