ALGO.USD preparing for a "Wave 3 of 3"? or just "3 of C of 2"?

ALGO.USD preparing for a "Wave 3 of 3"? or just "3 of C of 2"?

AlgoRand has been a pleasure to trade, with Fibs guiding the way perfectly. (see links below)
But currently things are not very clear, and Bitcoin is having random spasms.
So any trades right now are fraught with extra risk, even for the cyrptoverse.

The "Holy Grail" of entries is a "Wave 3 of 3" or with more "of 3's" following.
Algo could be approaching one such inflection point, maybe in wave 2 now.
Or, it could just be in a subwave of "C", the last leg of correction process.

Alas, I am NOT an Elliot Wave "expert" (whatever that is), am just a simpleton.
I do see the "5 this-way then 3 that-way" motions in all assets and timeframes.
So the question now is: Have we seen a 3-wave correction completed already?

Any "12345" could just as easily be labeled an "ABC" or "ABCDE".
And EW is 100% right in "hindsight" but hard to garner "foresight".
But as always, my "Fib Zones" are solid and will cause reactions.

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Previous Algo analysis (click):
.25 Retrace Map
.29 Top Alert
.24 Bounce Call
.20 Bottom Map

I also plot Forex and Stocks, take a look at my profile page.

Kommentera:

So we have a bit of a bounce

Zooming IN to 1min chart and throwing a fib on our proposed "waves 1 and 2 of (3)"

the bounce was from a little ABOVE the .618 retracement.
If we get a new local high, then we can have some confidence in this bounce.
If can break .2680/88 them we might have an honest to goodness wave 3 being born.
Of note, a wave 3 should have 5 subwaves itself, so looking for clues of that happening.....

Now we just need Bitcoin to not do anything crazy :)

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Kommentera:

Uh oh, ran into resistance at local top

expectable, but this is a crucial moment.
Strong rejection here could continue a "wave 3" DOWN.
Minor pullback and bounce, say from the 382 at most, would be a good sign.
Waves 1 and 2 are notoriously difficult to spot because they can be almost bearish looking.
It is EASY to spot a wave 3 AFTER it has launched, and then it is too late to enter most of the time.
So this is where an entry with stop loss below the 618 was worth considering.

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Kommentera:

At support for possible wave 2 ending

Really needs to bounce right here and right now.

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Kommentera:

We have broken the immediate resistance and look to be retesting.

If this res zone can be filling into support, a good first target would 2840

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Kommentera:

Argh, not sure what happened but a sudden dip brought us back to support

Unless this red leg gets erased pretty quickly, we see lower lows.
ie: It does not look like a wave 3 is launching yet.

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Kommentera:

I am 90% ready to call this a failed impulse.
Zoomed IN and looking at the last leg down , it will probably go lower

Test of the 2560 support seems inevitable.

Zoomed OUT and using the new data above, looks like we WERE in a wave "4 of C" and ARE now in "5 of C" which points to at least a "Double Bottom"

Spots a new possible support in between (purple_. Also allows us the make some adjustments to the zones per note in snap above.

In summary:
Looks like we are still in wave C.
2560 becomes the confirm/deny price.
Likely we will see at least a double bottom.

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Kommentera:

We have Ignition!

So much for my pessimism above.
Finally broke upwards, looks very much like a wave 3

And the original target looks achievable.
I have not yet started measuring this move (just got online).
Wave 3 might not be done yet, or maybe all 5 waves are done (unlikely).
Will update after some scrutiny.

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Kommentera:

Follow up to Ingition

NEW FIB for wave 3

Possible paths from here

Let me see if wave 4 offers any more clues as it develops.


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Kommentera:

Launch Pad 1

Arrived at first possible bounce point

If not here, then next zone below.
Good sign that it is at least paused here.

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Kommentera:

Back to Original Plot:

wave 3 target 1 from original plot hit

But as the waves have developed, I think we have more headroom before wave 4 retrace, but lets see.

Sometimes it is best to leave original TA alone, even after movements
But other times the new Data/Math give more accurate results.

So for consideration later, this is my current outlook

Lets see which one (if either) plays out.

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Kommentera:

Follow up to last picture above^^

Wave 4 might be under way

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