ONT is on its 5th elliott wave and due for a steeper correction soon.
Taking fibs from the initial pump (the black fibs), ONT has hit common targets so far:
First the 261.8 and then the 500 extension, each receiving a decent pullback.
Now a safe exit would be the 700 extension very soon, verified with the second set of yellow fibs where traders will be looking to exit the yellow 261.8 (near the black 700) since it will correlate with when wave 1 corrected after hitting the 261.8 on the black fibs.
However, if BTC holds up OK without showing immediate signs of dumping, the pump could continue to the 1000 extension.
Swing traders: consider protecting your capital and exiting the 700 and monitoring to buy the dip if it still looks strong to ride the 1000 line exit.
Long-term hodlers continue to hold.
Taking fibs from the initial pump (the black fibs), ONT has hit common targets so far:
First the 261.8 and then the 500 extension, each receiving a decent pullback.
Now a safe exit would be the 700 extension very soon, verified with the second set of yellow fibs where traders will be looking to exit the yellow 261.8 (near the black 700) since it will correlate with when wave 1 corrected after hitting the 261.8 on the black fibs.
However, if BTC holds up OK without showing immediate signs of dumping, the pump could continue to the 1000 extension.
Swing traders: consider protecting your capital and exiting the 700 and monitoring to buy the dip if it still looks strong to ride the 1000 line exit.
Long-term hodlers continue to hold.
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