OmiseGo may be close to a bottom.
We have already retraced to the .618 of the first impulse.
On the lower timeframe a triangle seems to be forming, which is an indication that the next drop may be the final drop. The market seems to really want to hit the 1.618 extension of the A wave.
Triangles most commonly form in the wave 4 position, prior to the final drop in the wave 5. Sadly, there is no way to know that wave 5 is the final drop in the C wave.
In any case I am long-term bullish on OmiseGo as it exhibited a very clear impulsive structure since its ICO. Therefore I see this correction as an opportunity to accumulate more OmiseGo.
We have already retraced to the .618 of the first impulse.
On the lower timeframe a triangle seems to be forming, which is an indication that the next drop may be the final drop. The market seems to really want to hit the 1.618 extension of the A wave.
Triangles most commonly form in the wave 4 position, prior to the final drop in the wave 5. Sadly, there is no way to know that wave 5 is the final drop in the C wave.
In any case I am long-term bullish on OmiseGo as it exhibited a very clear impulsive structure since its ICO. Therefore I see this correction as an opportunity to accumulate more OmiseGo.
