I have been watching SNTBTC
for the past 3 days. Previously, it looked as though the correction from the 4600 area was the final correction before the fifth wave in a simple impulse wave. It broke that trend when it began moving sideways. This dip to the 2800 area is a perfect buy signal before volume
picks back up. Additionally the chart is teetering along that 4 hour cloud resistance. If it breaks below the cloud on the 4 hour chart or the 50% fibb level, I will set my stop loss around 2500. If not I expect one of two things; a new Elliot Wave
breakout, or the formation of a head and shoulders
. Either way my first price target is 4000, and my second is 4500. Unless we see some crazy volume
and in that case I will extend my targets accordingly.