AVAX Neowave - Elliott Wave Theory Analysis (Weekly - Long Term)

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AVAX is in a bear market from November 2021. A symmetrical pattern is formed from this date.

We can say it is one of the best examples of this. "B-D-F" and potential "H" waves have a time & price relationship, while "A-E-G" and potential "I" waves have a price & time relationship. These two groups of waves have the same length in terms of price (one or more of the 8 waves may show a mismatch, for example wave "C") and their temporal relationship is formulated in the lower right part of the chart.

As a result, wave "H" potentially targets $15 (2nd-3rd week of November) while wave "I" targets $6 (March 2024).

Since the symmetrical structure shows a bearish formation, the upside potential will always be more limited, the expectation is that it will progress more in the form of accumulation. Just a small warning to be cautious, stop-loss be your tovarich! :)

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ملاحظة

AVAX completed at $9.86 with a potential target of $15. With the continuation of the movement, it has shown that it is not a Symmetrical structure but a Diametric structure. This does not indicate that the correction is complete. Otherwise, it may start a new corrective movement with the X wave.

Since the chart is very new, it is not possible to determine the future structure. But it is likely that it will form the diametric or symmetrical structure that we see a lot in financial markets.

For now, it is clear that corrections are buying opportunities. Nevertheless, it is necessary to keep risk management in mind. As we can see, the $14.61 and $12.07 price zone can be considered as a buying opportunity.

NOTE: Risk management in Neowave is to continue taking profits from positions. In corrections, it is continued by adding new positions. In cases where a trend breakdown is predicted, transactions are stopped. For example: $15 profit is taken and the position is continued with the remaining amount, and the position is reopened on correction. When the trend breaks, all trades are closed. This is an important move in order not to miss the 23 uptrend.