MGT share price, page-3379

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Harris541

382 Posts.

170

24/03/21

15:40

Post #: 52008484
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Originally posted by lg389: ↑

Definitely a correction incoming lads, pretty sure I have my degrees right.

If you see my big analysis post (link) you'll see what happened to play out was nearly perfectly aligned with my alternative setup which targeted low 4s to finish Minor wave 3.

In regards to this upcoming correction there's a few things to keep in mind. One of the guidelines of Elliott Wave is about the idea of "alternation". What this entails is that, two waves of similar personality (as in, are they corrective or motive (bear vs bull basically)), within the same wave should be different. If you see below I've highlighted wave 2 of this run and you can see it was very simple. Basically a down up down move (zigzag, bit hard to tell because of the small price divisions down there). This means it's far more likely for wave 4 to complicate itself more and honestly it would make sense to me considering this wave so far has run ~450%, calling for accumulation (profit taking, new entries, etc.) to facilitate the trend.

Don't be surprised if we head sideways for a bit basically.

Won't have any real guidance towards dip buying until more price action manifests but typically .618 and .50 levels are good prices to watch for. Which for this would be 0.031 and 0.027 respectively.

When wave 4 plays out further I'll be updating and looking at price targets for Minor wave 5.

MGT to the moon baby, GLTAH

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Love the detail. Helps with my continual learning.

Can you tell me why you believe wave 3 is over? In your other post that you provided a link to, you noted a more optimistic view as well that has wave 3 ending a touch below 5. Are we not seeing that in trading today? And hence wave 5 outlook could see your optimistic target of just below 5?

P.s. if you have any recommended readings on Elliott Waves, I would appreciate you sharing.

MGT Price at posting: 4.6¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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