CND recently started its major pump (3rd elliot wave) and after a nice correction started its 5th Elliot wave. It is currently undergoing a slight sub correction which creates a fantastic buy opportunity for a great long position.
IF you would like reward me for my analysis on CND after you got some profits, donate here, thanks! (BTC only): 1EQuazVs5MHpcBrceUvKWwtmFBVpNn6hxw
Notes: - CND has near perfect technical trading at Fib levels (see all Elliot wave counts in my analysis! Also how I got there.) - Do not forget stop losses and TAKE PROFITS along the way. - Change your sell price slightly below the target prices. Make sure your order is sold and do not risk losing out. - I'll update this along the way.
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Beautiful bounce on the projected trend line is a great signal of continuation of the bullish trend.
Due to instability of the market its still recommend to take some profits slightly below the 0.786 FIB level.
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First profits taken, hope you guys listened! Expecting a slight correction outside the trendline.
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Slight correction happening, for those that followed and took profit, you have a free trade now. If you get tapped out the profit will even it out.
Optional: you can lower your stop loss depending on the amount of profit that you have taken, mine is at ~2050.
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It held on 2100 which is great news as it might indicate the end of the correction (C) with the first wave already being completed.
Important: if the wave traces back more than 2100 its a false, and the correction will continue. I'd recommend taking the stop loss here. If it holds, put your seat belt back on and lets go!
It's looking like it was indeed the lowest point of the correction and we just finished sub 1-2 into a 3. Take some profits and lets go finish that 3 hoping to hit the 0.786 again!
MarvW68
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Looks like CND will be taking more than giving today.
TradeMeisterX
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@MarvTron, Indeed, hopefully you took profits at 3150 SAT yesterday and are safe. Although i can imagine that you did not lower the stop loss, and it tapped you out.
TradeMeisterX
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@TradeMeisterX, Hows it looking for you Marv? Not tapped out hopefully?
TradeMeisterX
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@TradeMeisterX, I'd take some profits just to be sure we aren't going into a complexer correction due to the huge 3rd wave earlier.
TradeMeisterX
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Some might prefer, due uncertainty created by BTC, to take small profits when it reaches 3100 SAT, which is the "safe target".
Ps. It's totally normal for CND to break the trend line, and dip back into the buy zone between 0.5/0.382. As long as it does not break it.
ck5583
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@TradeMeisterX, what would be the timeline you expecting it to complete wave 5?
TradeMeisterX
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@ck5583, around a week. Although its quite hard to say this as there are many external influences.
ck5583
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@TradeMeisterX, Dint manage to TP before correction, do you see CND bounce back and continue wave 5 soon? probably not a good idea to sell now in dip
TradeMeisterX
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@ck5583, I wouldn't recommend selling in a dip, my trade triggered even if stop loss hits im pretty much even. So I'm personally letting it run.
3 options:
- Stop loss triggers, you are out. It happens no worries, small loss taken against great odds. The majority of the time, it will land.
- It bounces, path might be slighter longer, new trend channel might be drawn from ABC correction of 5 or from 0-1-4 (pitchforks). And we get back in, but longer.
- You sell now, accept a loss and try to recover somewhere else. This trading mentality will eventually dry you out.
My exact stop loss is 2050, taking a little bit more risk.