Good time for an Elliott Wave /Chart update I think. Skip to end for TL;DR.
Update on last chart
I know this shot up to and rejection of ~3.4-3.7 was harsh but it doesn't break any of my analysis (yet lol).
If you look at my previous chart, you'll notice a pitchfork drawn from C to 1& 2, price perfectly bounced off the outer 0.25 boundaries (purple lines)and began the rush in a wave 3. Wave 3's are usually more drastic in stockmarkets and this is a good example of that (called in Elliott Wave an extended third). This one had pronounced internal waves which I have assumed are still part of wave 3.
Also interesting that the upper purple 0.25 showed to be a resistance on the way up. Who cares though, hindsight bla bla
Outlook
I'm not 100% convinced the retrace isover (wave (iv)). It was either complete as marked in the below chart or it'sstill in play. Will provide an update whenever I think it's over.
Interesting volume profile for this run, majority of volume at 0.022. With sprinkles above, which is a nice sign. (~$849k worth at 0.035).
I have placed the next few waves where they may occur according to fib ratios and other schizo shit. Note that time estimations are usually wrong though, it's just based off of fib relationships.
Wave 5 is approximately at 0.050 but I wouldn't be surprised if it extends as0.050 will be a huge psychological barrier that will either resist price, or get crushed by price.
Wave 3 is very possibly incorrect, I'm just accounting for this deeper retrace. If it is incorrect, then wave 4 and 5 are also incorrect. See alternative below.
Alternative outlook is too optimistic, I prefer to stay conservative. But it does adhere to rules and ratios, etc.
TL;DR
Dip has potential to be incomplete, but don't panic, it hasn't broken any rules yet and is completely fine in my eyes, the REAL dip will occur later. One more run, another dip, another larger run, then a larger dip. (Buy the dips idiot)
Looking forward to next price movements, it's getting interesting lads!
I plan on doing updates whenever needed so I'm going to be including the following at the end of my posts:
If you're interested in Elliott Wave read Elliott Wave Principleby Frost & Prechter, then Visual Guide to Elliott Wave Tradingby Wayne Gorman &Jeffrey Kennedy. Message me for links.
If you don't believe any of this stuff I don't care, I'm holding until 2024AT LEAST I'm just doing this for fun.
Outlooks are probably wrong, DYOR, and you're stupid if you trade based on mycharts so don't do that.MGT$2.50 2024
(20min delay)