modernpicasso

modernpicasso

Observations We are still in a 4th wave correction phase which is currently on track as per my earlier analysis. Chart indicates that we have entered the C wave of the ABC correction. Potential short position strategy would be to let the Wave 1 and 2 structure form. Enter short on breakdown of Wave 3 with significant volume past Wave 1 support line. ...

modernpicasso

Observations: Appears we may have a reversal after a WXYZ triple combo correction. Watch and see if it can break the 55 EMA resistance. Further breakdown would make this a great entry point at the 0.618 - 0.65 fib level. This is a great project with substantial long term potential. It is a HODL coin and not to be seen as a quick flip. Disclaimer For...

modernpicasso

Observations: Appears we are currently in a WXYZ triple combo correction, finishing off the very last C wave (in the form of 5 waves down). Watch for a potential bottom within 2600-3075 satoshi. Monitor the 55 EMA support as well on the 4h chart for less risk. Trend should flatten out into an accumulation phase before a move up. This is a great project with...

modernpicasso

Observations: After seeing more data, it appears the correction is still in play. However not as deep as previously anticipated. Appears we are currently completing a Wave 2 correction that has formed an ABCDE symmetrical triangle. Watch for Stochastic RSI to bottom out and curl back up for the breakout with significant volume to confirm the start of Wave...

modernpicasso

Observations: Whenever there is a massive uptrend at such an alarming pace, we always see long drawn out corrections. We see the next fib level support is at $0.89 which could potentially be a buy zone. Also included some thoughts around the timing of the correction but I would take those with a grain of salt. Fundamentally, this company is going through...

modernpicasso

Observations: Appears we have broken past 218 which means we have are likely in the midst of a 5 wave impulse. Based on 1:1 fib extension and resistance areas, the top may potentially be 250-255 range. Assuming that the top will be 250-255 range, we would have the ABC correction to bottom out at around 200-217 range. Watch for a bounce or break down while...

modernpicasso

Observations: Many folks were thinking that the previous ABC correction down to 181 was done. However, what was anticipated as the next impulse wave seems to have failed. Looking at a more macro level, it appears we are potentially forming a larger 3-3-5 ABC correction instead. Based on 1:1 fib extension and support areas, the bottom may potentially be...

modernpicasso

Observations: Many folks were thinking that the previous ABC correction down to 9583 was done. However, what was anticipated as the next impulse wave seems to have failed. Looking at a more macro level, it appears we are potentially forming a larger 3-3-5 ABC correction instead. Based on 1:1 fib extension and support areas, the bottom may potentially be...

modernpicasso

Observations We are currently in the intermediate 3rd wave of the major 5th wave. Based on Elliott wave count, it appears that intermediate 3rd wave is complete which means we are due for a correction. Expecting wave 4 to be a small correction within 0.236 - 0.382 fib zone as wave 2 was a very significant correction to 0.786 fib. Target price for the...

modernpicasso

Observations ABC correction bounced at the 0.618 - 0.650 fib golden pocket territory. Impulse wave anticipated with wedge formation on Wave 2. If wedge breaks up with strong volume then impulse wave should continue upwards to respective waves. If wedge breaks down then we would possibly see an impulse wave failure and see if a WXY correction forms instead. ...

modernpicasso Updated 

Observations Extended correction through an ABCDE wave pattern. Charts still bearish as 55 EMA is above the other EMAs on 3h timeframe. Price trend also well below 55 EMA. RSI is also downtrending making lower highs. Continued pressure across the stock market (i.e. Dow Jones Index is still looking to correct further) Keep a close eye if it breaks down...

modernpicasso Updated 

Observations Clearly broke out and confirmed its impulse wave up. Currently finished Wave 3 and looking to correct during Wave 4. Per Elliott Wave Theory, if 2nd wave retracement is minimal, then 4th wave retracement will be much larger. In this scenario, the 2nd wave retraced to 0.382 fib. As such, we expect 4th wave retracement to be as much as 0.618 fib....

modernpicasso

Observations We have entered the corrective 4th wave after a nice bull run on the 3rd wave (see impulse waves in pink). Per Elliott Wave Theory, if 2nd wave retracement is minimal, then 4th wave retracement will be much larger. In this scenario, the 2nd wave retraced to 0.382 fib. As such, we expect 4th wave retracement to be as much as 0.618 fib. We have...

modernpicasso

Observations We have entered the corrective 4th wave after a nice bull run on the 3rd wave (see impulse waves in pink). Per Elliott Wave Theory, if 2nd wave retracement is minimal, then 4th wave retracement will be much larger. In this scenario, the 2nd wave retraced to 0.236 fib. As such, we expect 4th wave retracement to be as much as 0.786 fib. ...

modernpicasso

Observations Lots of MJ stocks following the same correction path. Extended correction through an ABCDE wave pattern. Charts still bearish as 55 EMA is above the other EMAs on 3h timeframe. Price trend also well below 55 EMA. RSI is also downtrending making lower highs. Continued pressure across the stock market (i.e. Dow Jones Index is still looking to...

modernpicasso

Observations After a super extended wave 5 move at an alarming pace, we have been going through a fairly long correction phase. We may have entered into what is commonly known as the "hurry up and wait" syndrome, where we rushed through the impulse wave and then carry out long correction from the previous high. Charts still bearish as 55 EMA is above the...

modernpicasso Updated 

Observations ABC correction was thought to be completed, which would lead to the start of the next impulse wave However we are now likely headed for further correction (i.e. form ABCDE correction) based on the current momentum If we break 12.55 with strong conviction (i.e. significant volume) then I do not see this as the impulse wave Disclaimer For...