If this really is the end of wave 1, then our target is dropped quite a bit. Still a possible 100% gain from entry in the buy box.
This is an ABCDE bullish correction. If you haven't entered yet, entering along the bottom half the channel will be a nice entry. It will rocket as we are approaching wave 3.
COME ON ETC DO NOT DISAPPOINT ME!!
Guys, If we hit these targets on THIS 3rd SUB-wave. I have a REALLY big surprise for you that even I can't believe. But, we will take baby steps.
Here's why I say this. Let's learn together. Candle stick reading is very important. A hammer indications rejection to the bottom. A doji also represents trend reversal. It's literally saying that the bears are giving there last, hardest pushes and they are just being rejected by the bulls.
Combine that with a channel, low volume levels and a BOUNCE off the .618 you have yourself an uptrend accumulating. ;D
1) We can now call this whole run wave 1
2) We are still in correction from previous ATH
I'm still bullish long-term. Short-term I'm neutral. Do we sell now? HELL NAH, people are panic selling, you may see it go lower again, but we'll bounce. We're getting too oversold for it not to bounce.
Now everyone say my golden rule with me:
"Based on the MOST relevant timeline, we never sell in oversold conditions, and we never buy in overbought conditions."
When things settle, I will probably upload new targets, as they may now be higher than previous (IF we aren't still in correction mode). I'm still in the trade and I'm losing money too, but no way am I panicking right now.
This is actually the only way that I can count it (well, you could even say an WXY Correction). I love seeing unusual things like this happen. This is the ONLY possible count that could confirm an uptrend here.
So what I'm doing now is using my indicators to confirm my count. We just gained support from the 3 hour EMA (this is big). We are ALSO still bullish on the 3 hour RSI. IF we break that bullish support at 40 RSI then I will likely think about closing the trade. But I don't think we will have to get to that point.
My laptop is getting worn out, I've been on it too much. So I'm taking a break to let it settle, I'm confident in my positions. Let me know if you guys have some recommendations for nice desktop computers with dual monitors that are good for day trading!
Not looking good! Remember when I make these "big gain" posts, they are more "investment like" trades. Even if they still fail to breakout when I think they will, the targets are pretty much on for the most part. It just takes a lot of patience for it to happen. Unfortunately I think this one is still correcting. Too many bearish signs and I'm not getting a clear Wave count. If we stay above these support lines, break RSI resistance and get above the candle stick resistance line, then I think we can head north. But it's hard to say for now.
I believe ETC still has some juice left. Here is a broader look of where I believe we're at in progress! I think things should be wrapping up in about 2 weeks with this one!