GLXY showing weak rally off the lows with BTC.D flexing its muscle and sucking the market cap out of alts to push higher.
However, another alt pump may be approaching (or may have started).
GLXY under $5.00 is good area to start accumulating (depending on your outlook on markets), under $4.00 is even better.
Currently, favoring the count as wave (5) of ((3)) already ended and start of corrective ABC in progress with current pullback as a wave (ii) of the ABC.
THIS can be wrong, and investors/traders should always take into considering the trade/markets can go against them.
I do favor another leg higher before we retest the lows or even resume lower, with final target in that $12.00-$13.00 area (0.236 fib retracement, which should normally start at the beginning of wave 1, but with the small difference between the high and wave 2, I'd rather be modest and use a lower target approach as the wave 2 can also just be a wave B).
Can compare previous 'lows' or local bottoms and see how GLXY moves at the lows. Can see the bear trap setup before pushing higher.
I believe downside is limited here even if it breaks below current low (importance of DCA, risk management and stop loss).
However, another alt pump may be approaching (or may have started).
GLXY under $5.00 is good area to start accumulating (depending on your outlook on markets), under $4.00 is even better.
Currently, favoring the count as wave (5) of ((3)) already ended and start of corrective ABC in progress with current pullback as a wave (ii) of the ABC.
THIS can be wrong, and investors/traders should always take into considering the trade/markets can go against them.
I do favor another leg higher before we retest the lows or even resume lower, with final target in that $12.00-$13.00 area (0.236 fib retracement, which should normally start at the beginning of wave 1, but with the small difference between the high and wave 2, I'd rather be modest and use a lower target approach as the wave 2 can also just be a wave B).
Can compare previous 'lows' or local bottoms and see how GLXY moves at the lows. Can see the bear trap setup before pushing higher.
I believe downside is limited here even if it breaks below current low (importance of DCA, risk management and stop loss).
Comment:
Alternative wave count we can also consider.
It will be very tricky so a DCA strategy and Risk Management will be most helpful.
It will be very tricky so a DCA strategy and Risk Management will be most helpful.
Comment:
its in a tricky area with a tricky setup. It can go either way and then go the opposite way right after. DCA works best if your accumulating a position to trade for profits. Shorting it at these lows seems way to risky while longing it here can easily lead to getting stopped. Doesn have clarity yet but we can narrow things down and have a range of where to expect the low before a pump
Comment:
Target are awas acheived but failed to hit the 0.236 fib (truncation).
Price has retraced past 0.5 fib now, we must favor as move up completed (this can be proven wrong and invalidate the current count) but for now we keep the count in respect to the view and the EW principles.
Should get decent bounce but probability wise should fail.
If you have alternate counts/views, feel free to share.
Price has retraced past 0.5 fib now, we must favor as move up completed (this can be proven wrong and invalidate the current count) but for now we keep the count in respect to the view and the EW principles.
Should get decent bounce but probability wise should fail.
If you have alternate counts/views, feel free to share.
We can see the wyckoff accumulation/distribution pattern, we can see clearn set of 5 waves, we can also see the breakout in which it happened on the last leg where our stop loss could be placed very tight and close for a great risk:reward trade in the move up to exceed the 1st set of calculated targets and still hit the second set of calculated targets.