Updates will be given along the way in case of signs of reversal.
Closer look at what's going on RIGHT NOW. Like i said in the last post, we're in a FLAT ABC correction, which does give this the right to go lower. But I think I'm counting 5 waves on this C correction that we need before we go up. We have a nice doji looking at a reversal here and we NEED to keeping bouncing bullishly on the 30 min RSI to keep going up. the green lines are support lines on the RSI, but a bearish divergence with the most previous bounce will likely take us lower and make this correction go for a while longer.
You guys ready for this to pop up? ;D
Corrections are healthy and they can take time, no reason to not stay patient with a little bit of pessimism. Here is an option that we have before we start going north. Once we closed below that previous support it helped me come to this conclusion.
Don't get too excited guys, It just stopped at the first level of resistance and all these look like to me are upward correction waves to the downward correction. We just stopped at the first level of resistance, and we are likely to halt at the 2nd level.
This could very well be it, but it's looking like ABCDE movements going up. If we fail to break the second resistance, it's likely that we drop back down to the bottom support. Patience must come from a possible 400% gain lol... And I don't mean to create too much optimism, but it's possible we hit 70 cents on this wave 3, I just want to keep an open mind for that.
Yup, just as I thought, we're headed down to 14 cents again! Failed to break first resistance and just crossed lines with the peak of the first wave. NO WAY this is an impulse wave. Broke support, and too much bearish movement headed down. The correction lives to see another day! Am I still 100% bullish? YES. You can bet your ass on it. This nice correction just made me some more profit though! ;D
I see an opportunity for a quick 20% gain! Join me if you'd like! So we know that this is still part of the correction. But I think I still may touch that second resistance! I'll do a small trade here where we will ONLY enter after a bullish divergence on the 30 minute MACD is completed and target the second resistance for that gain there. Stop loss will be a little lower than this previous low, BUT we our entry is a moving target. I will activate the trade when I actually enter.
Note: THIS IS RISKY. Almost a 50/50 chance here. But risk to reward is good enough for me!
Current movements have probably increased our chances to about 60-65% of this going through. We've seen a bullish downward channel and are now in a bullish ascending triangle (with bullish momentum, these go up). Momentum may look down, but overall trend is up.
We are in a widening triangle that is pushing support. I'm expecting this e wave to hit that resistance 2 and bounce down.
It's about to blast guys. I can feel the pressure rising. We're channeling in an ABCDE formation. Wave E usually falls short of it's target (in this case, the bottom support), I don't know if we will see it drop any lower than that. Get your seatbelts, this is what patience and a bottle of tequila will you up to.
Alright guys... This is gonna make me sound crazy. And I do NOT want to bring this type of optimism and make people upset if it doesn't happen (Which it might not). But I noticed something. I noticed that the chart patterns in Verge resemble Lumen's chart patterns. I see similarities in both growth patterns. And this may lead me to the conclusion of $1.22 dollars as the target for Verge.
So, what I did was combine wave analysis with a sloping growth growth rate between the very bottom of each corrective wave to the top of its following impulse wave.
So, the white lines on both charts represent each wave of the first subwave. The blue lines represent each larger minor wave. On XLM you see that wave 3 was wayyyyyy larger than wave 1. So much larger that it was about 3.1 times the length! So the first blue line (target 3) is assuming that we get a growth target of 3.1 times the length of wave 1.
Now check this out. If we notice the slopes of the sub waves, we notice that on XLM, Minor wave 1 is 3.6 times the length of subwave 1. We also notice that on Verge minor wave 1 is about 4.65 times the length of subwave 1.
If we divide 4.65 divided by 3.6, that leads to a sloping multiple of 1.29.
Let's take that sloping multiple of 1.29 and multiply it by the growth rate between XLM's minor wave 3 and 1 of 3.1 and that leaves me to the conclusion of 4 times the size of minor wave 1 for XVG's wave 3.
Here's the scary part. That leads us DIRECTLY to 4.326 fib level.
I'm not done... Notice the sloping pattern between the peaks of the subwaves of wave 1 on XLM. Wave 3 crushes that and creates this nice triangle (highlighted in purple) between the slopes of those lines, the peak of wave 3, the correction line of wave 4. If XVG crosses reaches the target of $1.22. Then we also can create this purple triangle.
I'm not done... So for confirmation on the triangle, if you were doubting the line of the corrective wave 4: I knew that XLM has to correct from 50% to 61.8% which leads to that corrective line. XVG has ALREADY retraced 61.8% for wave 3! Meaning that it is only likely to retrace 32.8% to 50% of this next wave 3!! That leads me to that correction line, confirming the triangle.
Call me crazy, but I think this is possible... If you followed my last post, you know that we targeted the .618 entry level and entered in at 11 cents. If we hit $1.22, we're looking at over a 1000% gain. Let's see what happens. God bless.
T-6 Hours for Verge Rocket!!!
Guys we haven't seen our first impulse wave yet! That was literally just a warmup. Sentiment on this coin has completely changed, I can feel the buy pressure rising on this coin. That last D wave was an indication of Bears just losing control here. I'm NOT 100% certain we get a break upwards here. But I'm pretty positive it's about to start!
What did I say? T-6 hours, 4 hours ago. I was 2 hours off dammit. Alright, so i would NOT bet my life on it. But I think this is the beginning! :D
Watch out for Verge. If it falls from this support, it can retest the 11 cent range!
Remember that my trades don't have stop losses because they are long-term trades. They can take from weeks to months to finish! Target for this is still the same. I will post a risk management post so you all can understand the best ways to manage risk!. These are long-term "investor" type trades! I have yet to post a small trading opportunity (except for the failed one in this thread). I may do those later in time.
I will not tell you all when to buy and sell. And there will be times where i am WRONG! It happens all the time! So don't follow blindly.
White line is secondary support.
Now this is a breakout!! LETS GOOO DONT STOP BABY
I was able to extrapolate these targets from what we have so far. I don't want to be too optimistic But I'm expecting a pretty vertical line here. I'm leaving the $1.22 target out for now. We'll see as we go along if that's even possible.
Is Verge nearing the end of consolidation? Previously we may have thought that we were going to get a harder bounce up to the previous line, but it seems we are alternation on the flat zig zag pattern through this correction.
I noticed that in ever motive wave to the correction (A & C corrective waves) we at least get an ABCDE formation (in blue lines). It looks like we have some support here for that to happen again.
The 3 hour MACD is leveling, and it gives us the option to return to the blue resistance line. That would allow us to come back down to the bottom support and then create a bullish bounce for the C wave.
If all else fails, then when have bottom support on the white line where the yellow arrow is pointing (11 cents). This Bear market appears to be nearing the end, but we cannot deny that a continuation of a harsh Bitcoin correction will lead us into further consolidation. The waiting game continues.
Good luck guys! Remember to always manage risk, stay patient, and never panic!
The official "Verge Correction" Post. LOL. This is what i'm seeing. I think we'll hit somewhere in the 6 cent range soon and bounce whenever Bitcoin bounces. 3 levels of support:
1) Stoch RSI
2) Support Line
3) .728 fib level.
One hell of a bear market. Shouldn't last much more than a month or 2, however.
GUYS. The EXACT SAME THING. A Flat, Sharp, (Flat) succession of WXY(XZ) in the form of a channel. This is a pattern found in a few other coins, and Everything is just following Bitcoin's lead. If you enter now on Verge, I think a target of 15 cents to give yourself at least a 150% gain is reasonable here. I really do. We will see how this plays out. I can't wait until Verge breaks resistance so that we can end this thread. It's annoyingly long.
We're getting closer and closer to cracking the code guys. The key is just patience. Everything will bounce. The most important question is: "what is the path?"
We're here to solve it, manage our risk, and give ourselves the maximum return in the worst case scenarios.
Alright guys, the market is pretty much in the same spot, and we're pretty much depending on Bitcoin for the bull cases here.
Verge is a little bit different. It's already hit its 55 EMA target, but if I pull up the daily chart, the 13 and 21 EMAs are converging right at this market where I would target my bull case. I THINK we can still hit it, but it may fall short, and we would target a re-entry somewhere in that box.
I'm seeing the same bullish flag here on Verge. But this one is a little different. We have two levels of resistance and I think we may stop at this second one and return to the bottom support before it takes off. Stop loss is RIGHT below the support line. If it falls from the support, I will quickly take the loss and just re-evaluate and wait. I think we can target the 15-16.5 cent range.
Good luck guys!
Verge has a decision to make soon! Living in a triangle it has these levels of resistance along the way.
On another note, if you all are newer wave counters and find trouble counting corrections and predicting them, just know that we ALL do. Haha, corrections are incredibly hard to predict, because they don't have as many strict guidelines and rules as impulse waves do. There was basically a passage in an Elliot Wave text where Robert Prechter (Probably the most famous wave analyst) said that corrections are typically things that you look back on rather than predict.
The safest thing you can do is to just wait for a breakout to buy in.
Anyways, Verge as a few levels of support on the bottom and it would make sense for it to consolidate down there again. At the same time, it looks like Verge is near finishing its WXY pattern with an ABC, ABCDE combo. We should at least be getting another stretch to an X target at the bear minimum. It just depends on where that X target will be.
If you look a the daily chart, somehow. SOMEHOW, we are still bullish. Will be fun to continue watching this, as the whole market now is probably trying your patience. :)